Section 752 — Corporation Tax Act 2010: Application of Chapter

Application of Chapter 752 1 This Chapter applies if—

a a company within the charge to corporation tax (“ the transferor ”) makes a transfer to another person (“ the transferee ”) of a right to relevant receipts (see subsection (2)),

and b (subject to subsection (3)) the transfer of the right is not a consequence of the transfer to the transferee of an asset from which the right to relevant receipts arises. 2 “ Relevant receipts ” means any income—

a which (but for the transfer) would be charged to corporation tax as income of the transferor, or b which (but for the transfer) would be brought into account in calculating profits of the transferor for the purposes of corporation tax.

3 Despite subsection (1)(b), this Chapter applies if the transfer of the right is a consequence of the transfer to the transferee of all rights under an agreement for annual payments; and for the purposes of subsection (1)(b) the transfer of an asset under a sale and repurchase agreement is not to be regarded as a transfer of the asset.

4 Section 753 makes provision as to the consequences of this Chapter applying.

5 For exclusions from this Chapter, see—

a section 754 (amount otherwise taxed),

and b section 755 (transfer by way of security).

6 Section 756 makes special provision about transfers of partnership shares.

7 Section 757 contains supplementary provisions.