Search Legislation

Income Tax Act 2007

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Introduction

 Help about opening options

Version Superseded: 16/11/2017

Status:

Point in time view as at 17/07/2013.

Changes to legislation:

There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Introduction. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

IntroductionU.K.

714Overview of ChapterU.K.

(1)This Chapter imposes a charge to income tax on—

(a)individuals to whom income is treated as arising under section 721 (individuals with power to enjoy income as a result of relevant transactions),

(b)individuals to whom income is treated as arising under section 728 (individuals receiving capital sums as a result of relevant transactions), and

(c)individuals to whom income is treated as arising under section 732 (non-transferors receiving a benefit as a result of relevant transactions).

(2)The charges apply only if a relevant transfer occurs, and they operate by reference to income of a person abroad that is connected with the transfer or another relevant transaction.

(3)For the meaning of “relevant transaction”, “relevant transfer” and “person abroad”, see sections 715, 716 and 718 respectively.

(4)In this Chapter references to individuals include their spouses or civil partners.

715Meaning of “relevant transaction”U.K.

(1)A transaction is a relevant transaction for the purposes of this Chapter if it is—

(a)a relevant transfer, or

(b)an associated operation.

(2)For the meaning of “relevant transfer” and “associated operation”, see sections 716 and 719 respectively.

716Meaning of “relevant transfer” and “transfer”U.K.

(1)A transfer is a relevant transfer for the purposes of this Chapter if—

(a)it is a transfer of assets, and

(b)as a result of—

(i)the transfer,

(ii)one or more associated operations, or

(iii)the transfer and one or more associated operations,

income becomes payable to a person abroad.

(2)In this Chapter “transfer”, in relation to rights, includes the creation of the rights.

(3)For the meaning of “assets”, see section 717.

717Meaning of “assets” etcU.K.

In this Chapter—

(a)assets” includes property or rights of any kind, and

(b)references to assets representing any assets, income or accumulations of income include references to—

(i)shares in or obligations of any company to which the assets, income or accumulations are or have been transferred, or

(ii)obligations of any other person to whom the assets, income or accumulations are or have been transferred.

718Meaning of “person abroad” etcU.K.

[F1(1)In this Chapter “person abroad” means—

(a)a person who is resident outside the United Kingdom, or

(b)an individual who is domiciled outside the United Kingdom.]

(2)For the purposes of this Chapter, the following persons are treated as resident outside the United Kingdom—

F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)the person treated as [F3non-UK resident] under section 475(3) (trustees of settlements), and

(c)persons treated as non-UK resident under section 834(4) (personal representatives).

Textual Amendments

F1S. 718(1) substituted (with effect in accordance with Sch. 10 para. 9(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 2(2)

F2S. 718(2)(a) omitted (with effect in accordance with Sch. 10 para. 9(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 10 para. 2(3)

F3Words in s. 718(2)(b) substituted (with effect in accordance with Sch. 46 para. 72 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 59 (with Sch. 46 para. 73)

719Meaning of “associated operation”U.K.

(1)In this Chapter “associated operation”, in relation to a transfer of assets, means an operation of any kind effected by any person in relation to—

(a)any of the assets transferred,

(b)any assets directly or indirectly representing any of the assets transferred,

(c)the income arising from any assets within paragraph (a) or (b), or

(d)any assets directly or indirectly representing the accumulations of income arising from any assets within paragraph (a) or (b).

(2)It does not matter whether the operation is effected before, after or at the same time as the transfer.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources