Particular topics: transactions in securities: 'circumstances’ and relevant consideration
Certain ‘circumstances’, set out in ITA07/S685, must be satisfied before the legislation can be applied to a transaction in securities.
Both conditions relate to close companies, see CTM60060. But for this purpose the definition has been extended to include a company that would be a close company if it were resident in the UK (ITA07/S809ZQ).
Each condition has its own definition of relevant consideration.
The relevant consideration is the amount received by the person as a result of the transaction or transactions in securities which can be taken into account in determining any tax charge under the transactions in securities provisions. It will include both money and money’s worth.