Income Tax Act 2007 section 742B

Value of certain benefits

Section 742B introduces rules for determining the value of certain non-cash benefits when calculating an income tax charge under the transfer of assets abroad provisions.

• Where a benefit is provided to a person under the transfer of assets abroad rules, its value must be determined for income tax purposes
• A benefit provided by way of a loan payment is valued under section 742C
• A benefit consisting of making movable property available for use, without transferring ownership, is valued under section 742D
• A benefit consisting of making land available for use, without transferring the whole interest in it, is valued under section 742E