Paragraph 38

United Kingdom

(1)

Section 731 (charge to tax on income treated as arising under section 732) is amended as follows.

(2)

In subsection (1), for “individuals receiving a benefit” substitute “non-transferors receiving a benefit”.

(3)

Omit subsections (1A) to (1C) and (2A).

(4)

In subsection (3), omit “, but this is subject to section 733A”.

(5)

In subsection (4), for “742A” substitute “742”.