Income Tax Act 2007 section 729B

Recovery of tax paid as a result of section 728

Section 729B allows an individual who has paid tax under the transfer of assets abroad rules to recover that tax from the person abroad who holds the transferred assets or income.

• Where an individual pays tax arising from a section 728 charge (capital sums received from relevant transactions with a person abroad), they have a legal right to recover that tax from the person abroad.
• To support the recovery, the individual can ask HMRC for a formal certificate confirming the relevant details of the tax charge.
• The certificate must specify the tax year in which income is treated as arising, the amount of that deemed income, and the amount of tax paid.
• The HMRC certificate serves as conclusive evidence of the facts it contains, meaning those facts cannot be disputed in any recovery proceedings.