Section 776 — Income Tax Act 2007: Charge to tax on sale of occupation income

Charge to tax on sale of occupation income 776 1 Income tax is charged on income treated as arising under—

a section 778 (income arising where capital amount other than derivative property or right obtained), or b section 779 (income arising where derivative property or right obtained).

2 Tax is charged under this section on the full amount of income treated as arising in the tax year.

3 The person liable for any tax charged under this section is the individual to whom the income is treated as arising.

4 This section is subject to section 784 (exemption for sales of going concerns).