Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 780 — Transactions, arrangements, sales and realisations relevant for Chapter
Transactions, arrangements, sales and realisations relevant for Chapter 780 1 For the purposes of this Chapter, account is to be taken of any method, however indirect, by which— a any property or…
Section 781 — Tracing value
Tracing value 781 1 This section applies if it is necessary to determine the extent to which the value of any property or right is derived from any other property or right for the purposes of this…
Section 782 — Meaning of “other person”
Meaning of “other person” 782 1 For the purposes of this Chapter references to other persons are to be read in accordance with subsections (2) to (4). 2 A partnership or partners in a partnership may…
Section 783 — Valuations and apportionments
Valuations and apportionments 783 1 All such valuations are to be made as are appropriate to give effect to this Chapter. 2 For the purposes of this Chapter, any expenditure, receipt, consideration…
Section 784 — Exemption for sales of going concerns
Exemption for sales of going concerns 784 1 This section applies if a capital amount is obtained from the disposal— a of assets (including any goodwill) of a profession or vocation, b of a share in a…
Section 785 — Restriction on exemption: sales of future earnings
Restriction on exemption: sales of future earnings 785 1 This section applies if the value as a going concern mentioned in section 784(4) or (5) is derived to a material extent from prospective…
Section 786 — Recovery of tax where consideration receivable by person not assessed
Recovery of tax where consideration receivable by person not assessed 786 1 This section applies if a person (“A”) is assessed to tax under this Chapter in respect of consideration receivable by…
Section 787 — Recovery of tax: certificates of tax paid etc
Recovery of tax: certificates of tax paid etc 787 1 For the purposes of section 786(3), an officer of Revenue and Customs must, if requested to do so, produce a certificate specifying— a the amount…
Section 788 — Power to obtain information
Power to obtain information 788 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 789 — Minor definitions
Minor definitions 789 In this Chapter— “ company ” includes any body corporate, and “ share ” includes stock.
Section 790 — Overview of Chapter
Overview of Chapter 790 1 This Chapter imposes charges to income tax on— a individuals who are treated as receiving income under section 792 (individuals in partnership claiming excess relief), b…
Section 791 — Charge to tax on income treated as received under section 792
Charge to tax on income treated as received under section 792 791 1 Income tax is charged on income treated as received by an individual under section 792. 2 Tax is charged under this section on the…
Section 792 — Partners claiming excess sideways or capital gains relief
Partners claiming excess sideways or capital gains relief 792 1 This section applies if— a an individual carrying on a trade (“the relevant trade”) as a partner in a firm makes post-1 December 2004…
Section 793 — Calculating the amount of income treated as received
Calculating the amount of income treated as received 793 1 The amount of income treated as received by the individual under section 792 when the chargeable event occurs is the lowest of amounts A to…
Section 794 — Meaning of “the total amount of trade losses claimed” etc
Meaning of “the total amount of trade losses claimed” etc 794 1 In sections 792 and 793 “ the total amount of trade losses claimed ” means the total amount of losses within subsection (2) for which…
Section 795 — Meaning of “post-1 December 2004 loss”
Meaning of “post-1 December 2004 loss” 795 1 For the purposes of sections 792 and 793 a “ post-1 December 2004 loss ” means— a any loss made by an individual in a trade in a tax year ... which begins…
Section 796 — Charge to tax on income treated as received under section 797
Charge to tax on income treated as received under section 797 796 1 Income tax is charged on income treated as received by an individual under section 797. 2 Tax is charged under this section on the…
Section 797 — Individuals claiming sideways or capital gains relief for film-related losses
Individuals claiming sideways or capital gains relief for film-related losses 797 1 This section applies if— a an individual makes a film-related loss (see section 800) in a trade for which the…
Section 798 — Meaning of “non-taxable consideration” etc
Meaning of “non-taxable consideration” etc 798 1 This section applies for the purposes of section 797. 2 Consideration is non-taxable if (apart from section 796) it is not chargeable to income tax. 3…
Section 799 — Meaning of “disposal of a right of the individual to profits” etc
Meaning of “disposal of a right of the individual to profits” etc 799 1 For the purposes of section 797 any reference to a disposal of a right of an individual to profits arising from a trade…
Section 800 — Meaning of “film-related losses” etc
Meaning of “film-related losses” etc 800 1 This section applies for the purposes of sections 797, 801 and 802. 2 A loss is a “film-related loss” if the calculation of profits or losses that it…
Section 801 — Meaning of “capital contribution”
Meaning of “capital contribution” 801 1 This section applies for the purposes of section 797. 2 The individual's capital contribution is the amount which the individual has contributed to the trade…
Section 802 — Exclusion of amounts in calculating capital contribution by a partner
Exclusion of amounts in calculating capital contribution by a partner 802 1 This section applies if an individual makes a relevant claim for a film-related loss made by the individual in a trade as a…
Section 803 — Prohibition against double counting
Prohibition against double counting 803 1 Subsections (2) and (3) apply for the purpose of calculating the amount of income received under section 797 on a chargeable event in respect of the…
Section 804 — Charge to tax on income treated as received under section 805
Charge to tax on income treated as received under section 805 804 1 Income tax is charged on income treated as received by an individual under section 805. 2 Tax is charged under this section on the…
Section 805 — Partners claiming relief for licence-related trading losses
Partners claiming relief for licence-related trading losses 805 1 This section applies if— a an individual carries on a trade as a non-active partner during an early tax year, b the individual makes…
Section 806 — Calculation of amount of income treated as received by the individual
Calculation of amount of income treated as received by the individual 806 The amount of income treated under section 805 as received by the individual in the tax year is calculated by taking the…
Section 807 — Supplementary provision relating to calculation in section 806
Supplementary provision relating to calculation in section 806 807 1 This section applies for the purposes of section 806. 2 For the purposes of Step 1, the amount of a loss made in a tax year that…
Section 808 — Meaning of “disposal of the licence” etc
Meaning of “disposal of the licence” etc 808 1 For the purposes of section 805 any reference to— a a disposal of a licence acquired in carrying on a trade, or b a disposal of a right to income under…
Section 809 — Other definitions
Other definitions 809 1 References in sections 805 and 806 to an individual carrying on a trade as a non-active partner in an early tax year are to be read as if those sections were contained in…
Section 809Z1 — Public access rule: relevant VAT relief
Public access rule: relevant VAT relief 809Z1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 809Z10 — General interpretation
General interpretation 809Z10 In this Chapter— “ the business investment provisions ” means sections 809VA to 809VO; “ the Commissioners ” means the Commissioners for Her Majesty's Revenue and…
Section 809Z2 — Personal use rule
Personal use rule 809Z2 1 Clothing, footwear, jewellery or watches meet the personal use rule if they— a are property of a relevant person, and b are for the personal use of a relevant individual. 2…
Section 809Z3 — Repair rule
Repair rule 809Z3 1 Property meets the repair rule for the whole of the relevant period if, during the whole of that period, the property meets the repair conditions. 2 Property meets the repair rule…
Section 809Z4 — Temporary importation rule
Temporary importation rule 809Z4 1 Property meets the temporary importation rule if the total number of countable days (subject to any increase under subsection (3B)) is 275 or fewer. 2 A “ countable…
Section 809Z5 — Notional remitted amount
Notional remitted amount 809Z5 1 The “ notional remitted amount ”, in relation to property, is the amount ... that would be taken to be remitted to the United Kingdom in relation to the property (if…
Section 809Z6 — Exempt property: other interpretation
Exempt property: other interpretation 809Z6 1 This section applies for the purposes of sections 809X to 809Z5. 2 “ Property ” does not include money. 3 In subsection (2) “ money ” includes— a a…
Section 809Z7 — Meaning of “foreign income and gains” etc
Meaning of “foreign income and gains” etc 809Z7 1 This section applies for the purposes of this Chapter. 2 An individual's “ foreign income and gains ” for a tax year are— a the individual's relevant…
Section 809Z8 — Meaning of “the disposal proceeds”
Meaning of “the disposal proceeds” 809Z8 1 In this Chapter, in relation to a sale or other disposal, “ the disposal proceeds ” means— a the consideration for the disposal, less b any agency fees that…
Section 809Z9 — Taking proceeds etc offshore or investing them
Taking proceeds etc offshore or investing them 809Z9 1 This section applies to a provision of this Chapter that is satisfied if something (for example, disposal proceeds) is taken offshore or used by…
Section 809AAZA — Application of Chapter
Application of Chapter 809AAZA 1 This Chapter applies (subject to subsection (2)) if directly or indirectly in consequence of, or otherwise in connection with, arrangements involving a person within…
Section 809AZA — Application of Chapter
Application of Chapter 809AZA 1 This Chapter applies where— a a person within the charge to income tax (“ the transferor ”) makes a transfer to another person (“ the transferee ”) of a right to…
Section 809BZA — Type 1 finance arrangement defined
Type 1 finance arrangement defined 809BZA 1 For the purposes of this Chapter an arrangement is a type 1 finance arrangement if conditions A and B are met. 2 Condition A is that under the arrangement—…
Section 809CZA — Loan or credit transaction defined
Loan or credit transaction defined 809CZA 1 This section defines a loan or credit transaction for the purposes of sections 809CZB and 809CZC. 2 A transaction is a loan or credit transaction if it is—…
Section 809DZA — Application of Chapter
Application of Chapter 809DZA 1 This Chapter applies if conditions A and B are met. 2 Condition A is (subject to subsection (3)) that directly or indirectly in consequence of, or otherwise in…
Section 809EZA — Disguised investment management fees: charge to income tax
Disguised investment management fees: charge to income tax 809EZA 1 Where one or more disguised fees arise to an individual in a tax year from one or more investment schemes (whether or not by virtue…
Section 809EZDA — Sums arising to connected persons other than companies
Sums arising to connected persons other than companies 809EZDA 1 This section applies in relation to an individual (“A”) if— a a sum arises to a person (“B”) who is connected with A, b B is not a…
Section 809FZA — Overview
Overview 809FZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 809ZA — Plant and machinery leases: capital receipts to be treated as income
Plant and machinery leases: capital receipts to be treated as income 809ZA 1 This section applies if— a there is an unconditional obligation, under a lease of plant or machinery or a relevant…
Section 809ZFA — Consideration for taking over payment obligations as lessee treated as income
Consideration for taking over payment obligations as lessee treated as income 809ZFA 1 This section applies where under any arrangements— a a person within the charge to income tax (P) agrees to take…