204. Charge where benefit is received.

Income tax is charged on income treated as arising to an individual1 as a non-transferor receiving a benefit as a result of a relevant transaction2. Tax is charged on the amount of income treated as arising for the tax year3. The person liable for any tax so charged is the individual to whom the income is treated as arising4.

These provisions apply if:


    (1)     a relevant transfer5 occurs;


    (2)     an individual receives a benefit in that tax year6;


    (3)     the benefit is provided out of assets7 which are available for the purpose as a result of the transfer or one