Introduction Overview Overview Section 507: Transactions: exceptions
1548.This section specifies exceptions to the transactions caught by section 502. It is based on section 506B of ICTA. The corresponding rule for income tax is in section 554 of ITA.
1549.In particular, the section carves out of the substantial donor provisions transactions of an ordinary commercial nature between the parties.
1550.References to “the Commissioners for Her Majesty’s Revenue and Customs” and “the Commissioners” are replaced with references to “an officer of Revenue and Customs”. See Change 5 in Annex 1.