Income Tax Act 2007 section 754

Priority of other income tax provisions

Section 754 establishes that certain other income tax provisions take priority over the rules in Chapter 3 (transactions in land).

• Where other income tax provisions also apply to the same land transaction, those other provisions generally take precedence over Chapter 3.
• This prevents double taxation by ensuring that income already caught by another specific tax charge is not also taxed under the transactions in land rules.
• The section acts as a ordering rule, clarifying which set of tax provisions should be applied first when more than one could potentially apply to the same transaction.
• This priority rule is derived from earlier legislation (section 777(10) of ICTA) and has been amended by Finance Act 2016 and Finance (No. 2) Act 2017.