[554AB Meaning of “relevant transaction”]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554AB  Meaning of “relevant transaction”]

[(1)     For the purposes of section 554AA(1), B enters into a relevant transaction if—

(a)     B enters into a transaction within subsection (2), and

(b)     the transaction is not an excluded transaction (see section 554AC).

(2)     B enters into a transaction within this subsection if B—

(a)     pays a sum of money to a relevant third person (see section 554AA(8)),

(b)     acquires a right to a payment of a sum of money, or to a transfer of assets, where there is a connection (direct or indirect) between the acquisition of the right and—

(i)     a payment made, by way of a loan or otherwise, to a relevant third person, or

(ii)     a transfer of assets to a relevant third person,

(c)     releases or writes off the whole or a part of—

(i)     a loan

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