Introduction Overview Overview Section 779: Tax charged on income transferred
2356.This section imposes a charge to corporation tax in certain cases in which, under a loan or credit transaction, a company transfers income arising from property without a sale or transfer of the property. It is based on section 786(5) to (7) of ICTA.
2357.Subsection (1) states when this section applies.
2358.Subsection (2) imposes the charge to corporation tax on income and quantifies the amount taxable.
2359.Subsections (3) to (7) are supplementary.