Section 773 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 773 1 This Chapter imposes a charge to income tax—

a on individuals to whom income is treated as arising under section 778 (income arising where capital amount other than derivative property or right obtained),

and b on individuals to whom income is treated as arising under section 779 (income arising where derivative property or right obtained).

2 Income is treated as arising under those sections only if—

a transactions are effected or arrangements made to exploit the earning capacity of an individual in an occupation, and b the main object or one of the main objects of the transactions or arrangements is the avoidance or reduction of liability to income tax.