# Income and Corporation Taxes Act 1988, Paragraph 8

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/5AA/paragraph/8 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-5AA/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.