Income Tax Act 2007 section 731

Charge to tax on income treated as arising under section 732

Section 731 imposes an income tax charge on individuals who are not themselves transferors but who receive benefits as a result of certain transactions involving the transfer of assets abroad.

• Income tax is charged on income that is treated as arising to an individual under section 732, which deals with non-transferors who receive a benefit as a result of relevant transactions
• The tax is charged on the full amount of income treated as arising for the tax year in question
• The person liable for the tax is the individual to whom the income is treated as arising
• Exemptions from this charge are available under sections 736 to 742, covering situations where there is no tax avoidance purpose or where the transaction is a genuine commercial transaction