Section 776 — Corporation Tax Act 2010: Assets

Assets 776 1 This section applies for the purposes of this Chapter.

2 A reference to a person receiving an asset includes—

a a reference to the person obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it, and b a reference to the discharge (in whole or part) of a liability of the person.

3 A reference to a disposal of an asset includes a reference to anything constituting a disposal of it for the purposes of TCGA 1992.

4 A reference to payments in respect of an asset includes—

a a reference to payments in respect of another asset substituted for it under the arrangement, and b a reference to obtaining (directly or indirectly) the value of an asset or otherwise deriving (directly or indirectly) a benefit from it.