2282.These sections are concerned with transfers of income streams. They are based on paragraphs 1 to 6 of Schedule 25 to FA 2009. They replicate the source legislation, except in two respects.
2283.First, the statutory references have been updated. In consequence, section 755 (exception: transfer by way of security) is worded differently from the source legislation, paragraph 4 of Schedule 25 to FA 2009. But it has the same effect.
2284.Second, section 757 (interpretation) omits the express Scottish modifications in the source legislation, paragraph 6 of Schedule 25 to FA 2009, because section 1166(1) provides that in the application of the Corporation Tax Acts to Scotland “assignment” means assignation and “surrender” includes renunciation.
Introduction Overview Overview Sections 752 to 757: Application of Chapter; value of transferred income treated as income; exception: amount otherwise taxed; exception: transfer by way of security; partnership shares; interpretation