The charge to tax: further provisionsU.K.
18.—(1) The offshore income gain arising is treated for all the purposes of the Tax Acts as income which arises at the time of the disposal to the person making the disposal (or treated as making the disposal).
(2) The tax is charged on the person making the disposal (or treated as making the disposal).
(3) In the case of a person chargeable to income tax, tax is charged under Chapter 8 of Part 5 of ITTOIA 2005 (miscellaneous income: income not otherwise charged) for the year of assessment in which the disposal is made, but sections 688(1) and 689 of ITTOIA 2005 M1 (income charged and person liable) do not apply.
(4) In the case of a person chargeable to corporation tax, tax is charged under Chapter 8 of Part 10 of CTA 2009 (miscellaneous income: income not otherwise charged) for the accounting period in which the disposal is made.
(5) Paragraph (1) is subject to—
(a)regulation 19 (income treated as arising under regulation 17: remittance basis);
(b)regulation 20(1) (offshore income gain arising to non-resident trustees not treated as income of settlor);
(c)regulation 20(5) (application to gains of non-resident settlements);
(d)regulation 24(6) (application of section 13 of TCGA 1992).
Marginal Citations
M1Section 688(1) was amended by paragraph 22 of Schedule 12 to the Finance Act 2008.