Paragraph 8

United Kingdom

For the purpose of determining whether an individual ordinarily resident in the United Kingdom has a liability for income tax in respect of any profit or gain which—

(a)

is realised by a person resident or domiciled outside the United Kingdom, and

(b)

arises from a transaction to which this Schedule applies,

sections 739 and 740 (transfer of assets abroad) shall have effect as if that profit or gain, when realised, constituted income becoming payable to the person resident or domiciled outside the United Kingdom.

Notes on Schedule 5AA

Textual amendments

F1: Sch. 5AA repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 344, Sch. 3 (with Sch. 2)
F2: Sch. 5AA inserted (with effect in accordance with s. 80(6)(7) of the amending Act) by Finance Act 1997 (c. 16), s. 80(2), Sch. 11