Part 13Tax avoidance
C1C2Chapter 2Transfer of assets abroad
Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
Charge where benefit received
731Charge to tax on income treated as arising under section 732
1
Income tax is charged on income treated as arising to an individual under section 732 (non-transferors receiving a benefit as a result of relevant transactions).
2
Tax is charged under this section on the amount of income treated as arising for the tax year.
F12A
But see section 735 (non-UK domiciled individuals to whom remittance basis applies).
3
The person liable for any tax charged under this section is the individual to whom the income is treated as arising.
4
For exemptions from the charge under this section, see sections 736 to 742 (exemptions where no tax avoidance purpose or genuine commercial transaction).
Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)