Corporation Tax Act 2009 section 557

Meaning of person receiving an asset

Section 557 provides a broad definition of what it means to "receive" an asset for the purposes of the sales of lessors chapter.

• "Receiving" an asset is not limited to physically taking possession or legal transfer of ownership
• It includes obtaining the value of any asset, whether directly or indirectly
• It also includes deriving any benefit from an asset, whether directly or indirectly
• This wide definition ensures that indirect arrangements cannot be used to circumvent the rules in this chapter