Income Tax Act 2007 section 828

Transactions through brokers and investment managers

Section 828 clarifies when a person is regarded as carrying out a transaction on behalf of another, and how the rules apply where broking or investment management forms only part of a person's business.

• A person is treated as carrying out a transaction on behalf of another if they undertake it for that person or to that person's account
• A person is also treated as acting on behalf of another if they give instructions for a third party to carry out the transaction on that person's behalf
• Where broking or investment management is only part of a person's wider business, that part is treated as a separate business for the purposes of this chapter
• This ensures the exemptions and rules in this chapter apply specifically and only to the broking or investment management activity, without affecting the rest of the business