[554R Exclusions: acquisitions out of sums or assets]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554R  Exclusions: acquisitions out of sums or assets]

[(1)     This section applies if—

(a)     a sum of money or asset (“sum or asset S”) is held by or on behalf of a person (“P”),

(b)     a sum of money or asset (“sum or asset T”) is acquired by or on behalf of P wholly out of sum or asset S,

(c)     sum or asset T is not acquired (directly or indirectly) from A or any person linked with A, and

(d)     subsection (2) does not apply.

(2)     This subsection applies if it is reasonable to suppose that, in essence—

(a)     at the time of the acquisition of sum or asset T, the value of sum or

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