Paragraph 9 Deemed income under section 732 of ITA 2007

after sub-paragraph (1) insert—

“(1A)

For the purposes of applying those paragraphs for the purposes of sub-paragraph (1)(c)—

(a)

those paragraphs have effect as if—

(i)

for sub-paragraph (1)(a) (in each paragraph) there were substituted—

“(a)

an individual is treated as having an amount of income for any of the tax years 2025-26, 2026-27 or 2027-28 as a result of section 732 of ITA 2007 (individuals receiving a benefit as a result of relevant transactions),”,

(ii)

the reference in sub-paragraph (2) (in each paragraph) to “the payment” were to the benefit by reference to which the income is treated as arising,

(iii)

sub-paragraph (3)(b)(ii) (in each paragraph) were omitted, and

(iv)

the references in each paragraph, and in section 87A of TCGA 1992 as applied by those paragraphs, to “capital payments” were to benefits falling within sub-paragraph (1)(c) of this paragraph, and

(b)

those paragraphs are to be applied after they have been applied for the purposes of determining whether any amount of a capital payment is qualifying overseas capital.”, and

in sub-paragraph (2), after “amount”, in the first place it occurs, insert “of income”.