Income Tax Act 2007 section 822

Meaning of "beneficial entitlement"

Section 822 defines what it means for a person to have a "beneficial entitlement" to relevant disregarded income for the purposes of the transfer of assets abroad rules.

• A person has a beneficial entitlement to relevant disregarded income if they hold, or may acquire, an entitlement attributable to that income through certain interests or rights.
• One qualifying interest is an interest in property in which the whole or any part of the relevant disregarded income is represented, whether or not the interest gives a right to immediate payment of a share in profits or gains.
• Another qualifying connection is an interest in, or other rights in relation to, the non-UK resident through whom the income arises.
• The definition applies throughout the transfer of assets abroad chapter and captures both current entitlements and those that may be acquired in the future.