506 Assignments occurring when there is a co-ownership transaction
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

506  Assignments occurring when there is a co-ownership transaction

(1)     This section sets out the assignment or assignments that are taken to occur under section 505 when there is a transaction to which that section applies (“a co-ownership transaction”).

(2)     If there is only one member of the old ownership, that member is to be treated as if the co-ownership transaction had been the assignment by that member of so much of the ownership interest as exceeds that

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