Introduction Overview Overview Section 242: Introduction to Chapter
867.This section provides an overview of the Chapter and contains signposts to its principal provisions. Apart from subsection (3), it is new.
868.Subsection (3) is based on paragraph 33 of Schedule 16 to FA 2002,with the substitution of the term “the 6 year period” for the term “the period of restriction” in that paragraph but without any change in the definition of the term. The 6 year period is relevant to sections 246 and 247 which deal with receipts of value. As an anti-avoidance measure, receipts of value in the year before the investment dateare taken into account, as well as those in the 5 year period, which begins with the investment date. See the commentary on section 223 for the meaning of “the 5 year period” and “the investment date”.