Part 3 Amendments Relating to the Charges Under Sections 720 and 727
Finance Act 2013 (2013 c 29) | Legislation

Part 3 Amendments Relating to the Charges Under Sections 720 and 727

Main provision

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(1)     Section 721 (individuals with power to enjoy income as a result of a relevant transaction) is amended as follows.

(2)     In subsection (3) after “the income†insert “of the person abroadâ€.

(3)     Before subsection (4) insert—

“(3B)     The amount of the income treated as arising under subsection (1) is equal to the amount of the income of the person abroad (subject to sections 724 and 725).

(3C)     Subsection (1) does not apply if—

(a)     the individual is liable for income tax charged on the income of the person abroad by virtue of a charge not contained in this Chapter, and

(b)     all that income tax has been paid.â€

(4)     In subsection (4) after “the income†insert “of the person abroadâ€.

(5)     Omit subsection (5)(a).

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(1)     Section 724 (special rules where benefit provided out of income of person abroad) is amended as follows.

(2)     In subsection (2) after “on†insert “an amount equal toâ€.

(3)     In subsection (3)—

(a)     for “on†substitute “by reference toâ€, and

(b)     after “previous tax year†insert “under this Chapterâ€.

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(1)     Section

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