Section 731 Charge to tax on income treated as arising under section 732

United Kingdom

(1)

Income tax is charged on income treated as arising to an individual under section 732 (F1non-transferors receiving a benefit as a result of relevant transactions).

F2(1A)

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(1B)

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(1C)

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(2)

Tax is charged under this section on the amount of income treated as arising for the tax year.

F3(2A)

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(3)

The person liable for any tax charged under this section is the individual to whom the income is treated as arising F4...

(4)

For exemptions from the charge under this section, see sections 736 to F5742 (exemptions where no tax avoidance purpose or genuine commercial transaction F6, etc).

Annotations

Textual amendments

F1: Words in s. 731(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 38(2), 70(1)
F2: S. 731(1A)-(1C) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(3), 70(1)
F3: S. 731(2A) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(3), 70(1)
F4: Words in s. 731(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 38(4), 70(1)
F5: Word in s. 731(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 38(5), 70(1)
F6: Word in s. 731(4) inserted (with effect in accordance with Sch. 10 para. 9(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 10 para. 5(b)

Notes on Chapter 2

Modifications

C1: Pt. 13 Ch. 2 applied by 1988 c. 1, s. 762ZA (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)
C2: Pt. 13 Ch. 2 applied (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 21
C3: Pt. 13 Ch. 2 modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 10(9), 11
C4: Pt. 13 Ch. 2 modified (retrospective to 6.4.2025 for the tax year 2025-26 and subsequent tax years) by Finance Act 2026 (c. 11), s. 53(1)-(7)(10)