There are currently no known outstanding effects for the Income Tax Act 2007, Section 724.
(1)This section applies if an individual has power to enjoy income of a person abroad for the purposes of section 721 because of receiving any such benefit as is referred to in section 723(3) (benefit provided out of income of person abroad).
(2)Despite anything in section 720, the individual is liable to income tax under that section for the tax year in which the benefit is received on [F1an amount equal to] the whole of the amount or value of that benefit.
(3)But subsection (2) does not apply so far as it is shown that the benefit derives directly or indirectly from income [F2by reference to] which the individual has already been charged to income tax for that tax year or a previous tax year [F3under this Chapter].
Textual Amendments
F1Words in s. 724(2) inserted (with effect in accordance with Sch. 10 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 11(2)
F2Words in s. 724(3) substituted (with effect in accordance with Sch. 10 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 11(3)(a)
F3Words in s. 724(3) inserted (with effect in accordance with Sch. 10 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 11(3)(b)
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