For the most part the provisions in FA02/SCH29 apply to the
exclusion of the general CT rules that apply to the same subject
matter, except where they are specifically attracted. See
CIRD10110 - ‘legislative
approach’. The provisions specifically attracted do not,
however, include those concerned with transfer pricing in
ICTA88/SCH28AA (see INTM430000 onwards and INTM460000 onwards).
That is because the transfer pricing provisions, unlike the
other general rules, are expressed in terms of the computation of
profits and losses, rather than by reference to specific items of
income or expenditure, and are therefore not overridden by the
priority rule referred to above. A special provision to ensure they
apply to transactions within Schedule 29 is therefore unnecessary
and Schedule 29 is drafted on the basis that the transfer pricing
rules can apply to these transactions. See for example the
provision governing the interaction of the transfer pricing rules
and the market value rule in FA02/SCH29/PARA92 (
CIRD45040).
Where valuation of intangible assets is an issue see
CIRD10240.
