Income Tax Act 2007 section 714

Overview of Chapter

Section 714 provides an overview of the transfer of assets abroad rules, which impose income tax charges on individuals connected to offshore transfers designed to shift income to persons abroad.

• Three separate income tax charges apply: on individuals with the power to enjoy income arising from relevant transactions, on individuals receiving capital sums from such transactions, and on non-transferors who receive a benefit from relevant transactions
• The charges only come into play when a "relevant transfer" has occurred, and they operate by reference to the income of a "person abroad" connected with that transfer or another relevant transaction
• Key terms — "relevant transaction", "relevant transfer" and "person abroad" — are defined elsewhere in the Chapter
• References to individuals throughout the Chapter extend to include their spouses or civil partners