Commentary on Sections Overview Overview Section 739: Exemption: all relevant transactions pre-5 December 2005 transactions
2181.This section sets the purpose test which applies if all the relevant transactions are pre-5 December 2005 transactions. It is based on sections 741(1) and 741B(3) of ICTA.
2182.This section replaces references to “the Board” with references to “an officer of Revenue and Customs” (namely, the officer dealing with the case). See Change 5 in Annex 1.
2183.HMRC’s internal procedures restrict the exercise of the Commissioners for Her Majesty’s Revenue and Customs’ functions under section 741 of ICTA to a small group of specialist officers. Change 5 will have no effect on this practice.
2184.This section continues to use the source legislation’s word “taxation”, which has been the subject of case law. For example, Sassoon v CIR (1943), 25 TC 154 CA indicates that “taxation” in this context is not restricted to income tax.