Income Tax Act 2007 section 744

Meaning of taking income into account in charging income tax for section 743

Section 744 explains how to interpret references to "income taken into account in charging income tax" when applying the anti-duplication rule in section 743, depending on which charging provision applies.

• Where a charge arises under section 720 because a benefit is provided out of the income of a person abroad, the income taken into account is the portion of that overseas person's income from which the benefit was provided, equal to the amount charged to tax.
• Where a section 720 charge arises in other circumstances (not involving a benefit from overseas income), the income taken into account is the amount of income of the person abroad as described in section 721(2).
• Where a charge arises under section 727 on capital sums received as a result of relevant transactions, the income taken into account is the income of the person abroad as described in section 728(1)(a).
• Where a charge arises under section 731 on non-transferors receiving benefits from relevant transfers, the income taken into account is the amount of relevant income used under section 733 to calculate the charge for the tax year in question.