[720A Transfers by closely-held companies]
Income Tax Act 2007 (2007 c 3) | Legislation

[720A  Transfers by closely-held companies]

[(1)     The charge under section 720 also applies for the purpose of preventing the avoiding of a liability to taxation by means of a relevant transfer carried out by a closely-held company in which an individual has a qualifying interest.

(2)     But the charge only applies in those circumstances if—

(a)     the individual is involved in the company, and

(b)     the avoidance condition is met.

(3)     An individual has a qualifying interest in a closely-held company if the individual, or a nominee of the individual, is a participator in—

(a)     the closely-held company, or

(b)     the first closely-held company

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