Section 779B | Relevant amount to be treated as income ^F1

(1)The relevant amount is to be treated as income of the transferor chargeable to corporation tax in the same way and to the same extent as that in which it—^F1

(a)would have been chargeable to corporation tax as income of the transferor, or^F1

(b)would have been brought into account as income in calculating profits of the transferor for corporation tax purposes,^F1

as mentioned in section 779A(8).

(2)Section 753(3) and (4) applies for the purpose of determining when income under subsection (1) is treated as arising (reading references to the transfer of the right as references to the disposal of the transferred asset).^F1

(3)If, apart from this subsection and section 757B(4)—^F1

(a)both this Chapter and Chapter 1A would apply in relation to the disposal, and^F1

(b)Chapter 1A would give the same amount, or a greater amount, of income of the transferor chargeable to corporation tax,^F1

this Chapter is not to apply in relation to the disposal.