Income Tax (Trading and Other Income) Act 2005 section 332

Person liable

Section 332 identifies who is liable to pay tax on adjustment income arising under this Chapter.

  • Tax on adjustment income is charged to the person who receives or is entitled to that income.
  • The liability follows the income — whoever actually receives the adjustment income bears the tax.
  • This applies equally whether the person has already received the income or merely has an entitlement to it.
  • This provision replaces the earlier charge under Schedule D Case VI in the Finance Act 2002.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member