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Finance Act 2012

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This is the original version (as it was originally enacted).

Paragraph 4: supplementary provision

This section has no associated Explanatory Notes

11(1)This paragraph explains how paragraph 4(2) is to be read for each description of taxable amount.

(2)For income and chargeable gains—

(a)the reference to P being “liable to tax” includes a case where P would be so liable if the income or gain were to be remitted to the United Kingdom,

(b)“the taxable event” takes place when the income arises or the gain accrues (whether or not, in a remittance basis case, it is remitted to the United Kingdom), and

(c)the income or gain is “untaxed” if it has not been brought into account in an assessment to income tax or, as the case may be, capital gains tax for the tax year in which it is required to be brought into account.

(3)For the value of property forming part of the value transferred by a chargeable transfer—

(a)“the taxable event” takes place when the chargeable transfer is made (or, in the case of a potentially exempt transfer, when death occurs), and

(b)the value of the property is “untaxed” if it has not been brought into account in determining the value transferred by the chargeable transfer.

(4)For the value of supplies on which VAT is charged—

(a)“the taxable event” takes place when P makes the supply, and

(b)the value of the supply is “untaxed” if output tax on the supply has not been accounted for in determining the VAT payable by P for the prescribed accounting period in which P is required to account for output tax on the supply.

(5)Paragraph 4(2)(a) is not satisfied in a case where P is liable to tax only because the liability has been transferred to P as a result of action taken by HMRC (for example, as a result of a notice given under section 77A of VATA 1994 or a direction given under regulation 81 of the Income Tax (PAYE) Regulations 2003 (S.I. 2003/2682)).

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