Part 13Tax avoidance

C1C2Chapter 2Transfer of assets abroad

Annotations:
Modifications etc. (not altering text)
C1

Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)

C2

Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21

Charge where benefit received

734Reduction in amount charged: previous capital gains tax charge

1

This section applies if—

a

benefits provided as mentioned in section 732(1)(c) are received in a tax year,

F3b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4d

chargeable gains are treated by section 87, 87K, 87L or 89(2) of, or paragraph 8 of Schedule 4C to, TCGA 1992 as accruing to a person in that or a subsequent tax year by reference (direct or indirect) to the whole or part of any benefits so provided.

2

For any tax year after one in which such chargeable gains are so treated, the amount of income treated as arising to the individual under section 732(2) in respect of benefits provided as mentioned in section 732(1)(c) as a result of the transfer or operations in question is calculated as follows.

3

The amount is calculated under section 733(1) as if the total untaxed benefits were reduced by the amount of those gains.

4

In this section “the total untaxed benefitsF5has the same meaning as in section 733(1) (see F6Step 2 ).

F15

References in this section to chargeable gains treated as accruing to an individual include offshore income gains treated as arising to the individual (see F2regulations 20 and 22 to 24 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)).