Income Tax Act 2007 (c. 3)

Part 13 U.K. Tax avoidance

Chapter 4 U.K. Sales of occupation income

Charge on sale of occupation income U.K.

776 Charge to tax on sale of occupation income U.K.

(1) Income tax is charged on income treated as arising under—

(a) section 778 (income arising where capital amount other than derivative property or right obtained), or

(b) section 779 (income arising where derivative property or right obtained).

(2) Tax is charged under this section on the full amount of income treated as arising in the tax year.

(3) The person liable for any tax charged under this section is the individual to whom the income is treated as arising.

(4) This section is subject to section 784 (exemption for sales of going concerns).