[742A Post-5 April 2012 transactions: exemption for genuine transactions]
Income Tax Act 2007 (2007 c 3) | Legislation

[742A  Post-5 April 2012 transactions: exemption for genuine transactions]

[(1)     Subsection (2) applies for the purpose of determining the liability of an individual to tax under this Chapter by reference to a relevant transaction if—

(a)     the transaction is effected on or after 6 April 2012, and

(b)     conditions A and B are met.

(2)     Income is to be left out of account so far as the individual satisfies an officer of Revenue and Customs that it is attributable to the transaction.

(3)     Condition A is that—

(a)     were, viewed objectively, the transaction to be considered to be a genuine transaction having regard to any arrangements under which it is effected and any other relevant circumstances, and

(b)     were the individual to be liable to tax under this Chapter by reference to the transaction,

the individual's liability to tax would, in contravention of a relevant treaty provision, constitute an unjustified and disproportionate restriction on a freedom protected under that relevant treaty provision.

(4)     In subsection (3) “relevant treaty provision” means—

(a)     Title II or IV of Part Three of the Treaty on the Functioning of the European Union,

(b)

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