Income Tax Act 2007 section 775

Priority of other tax provisions

Section 775 establishes that the rules in Chapter 4 (which deals with transactions in land) are overridden where other specific tax provisions apply that attribute income to a particular person.

• Chapter 4's transactions in land rules do not take priority over all other tax provisions
• The settlements legislation (Chapter 5 of Part 5 of ITTOIA 2005), which treats certain income as belonging to the settlor, takes precedence over Chapter 4
• Any other provision in the Tax Acts that treats income as belonging to a particular person also takes precedence
• Where a conflict arises between Chapter 4 and these other provisions, the other provisions prevail