Income Tax Act 2007 section 723

The enjoyment conditions

Section 723 sets out five conditions (A to E) that determine whether an individual has the "power to enjoy" income of a person abroad, for the purposes of the transfer of assets abroad anti-avoidance rules.

• Income is treated as enjoyed if it is dealt with so as to benefit the individual, increases the value of assets held by or for the individual, or provides any benefit to the individual from the income or related money
• The individual may become entitled to enjoy the income through the exercise of one or more powers, regardless of who holds those powers or whether consent is needed
• The individual is able, directly or indirectly, to control how the income is applied
• Only one of the five conditions needs to be met for the individual to be regarded as having power to enjoy the income