Income Tax (Trading and Other Income) Act 2005 section 429

Person liable

Section 429 identifies who is liable to pay tax when a chargeable disposal of certain assets occurs under this chapter.

  • The person who makes the disposal is the one liable for any tax charged under this chapter.
  • The tax liability falls on the individual or entity that actually carries out the disposal transaction.
  • Section 437 provides further detail on how to determine who counts as the person making the disposal.
  • This rule is based on paragraph 1 of Schedule 13 to the Finance Act 1996.

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