Part 13Tax avoidance
Chapter 4Sales of occupation income
Charge on sale of occupation income
778Income arising where capital amount other than derivative property or right obtained
1
This section applies if the capital amount obtained as mentioned in section 777(5) does not consist of—
a
property which derives substantially the whole of its value from the individual's activities, or
b
a right which does so.
2
The capital amount is treated for income tax purposes as income arising to the individual.
3
The income is treated as arising in the tax year in which the capital amount is receivable.
4
A capital amount is not regarded as having become receivable by a person for the purposes of this section until the person can effectively enjoy or dispose of it.