Section 554C ITEPA 2003

A relevant third person (P) takes a relevant step if (to summarise) the person:

pays a sum of money, transfers an asset, or grants a lease which is likely to have an effective duration exceeding 21 years, and

does so in favour of a ‘relevant person’.

Relevant steps within Section 554C

The actions listed below are relevant steps within Section 554C.

Section 554C(1)(a) P pays a sum of money to a ‘relevant person’.

Notice that ‘relevant third person’ and ‘relevant person’ are different concepts.

Section 554C(1)(b) P transfers an asset to a relevant person.

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