Modifications etc. (not altering text)
C1Pt. 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)
C2Pt. 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
C3Pt. 13 Ch. 2 modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 10(9), 11
(1)Income tax is charged on income treated as arising to an individual under section 732 ([F1non-transferors receiving a benefit] as a result of relevant transactions).
F2(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(1B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(1C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Tax is charged under this section on the amount of income treated as arising for the tax year.
F3(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The person liable for any tax charged under this section is the individual to whom the income is treated as arising F4...
(4)For exemptions from the charge under this section, see sections 736 to [F5742] (exemptions where no tax avoidance purpose or genuine commercial transaction [F6, etc]).
Textual Amendments
F1Words in s. 731(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 38(2), 70(1)
F2S. 731(1A)-(1C) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(3), 70(1)
F3S. 731(2A) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(3), 70(1)
F4Words in s. 731(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(4), 70(1)
F5Word in s. 731(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 38(5), 70(1)
F6Word in s. 731(4) inserted (with effect in accordance with Sch. 10 para. 9(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 5(b)