Commentary

E1.1118 Charge under ITA 2007, s 731 on transfer of assets abroad—calculation of chargeable amount

Personal and employment tax

E1.1118 Charge under ITA 2007, s 731 on transfer of assets abroad—calculation of chargeable amount

E1.1118 Charge under ITA 2007, s 731 on transfer of assets abroad—calculation of chargeable amount

The calculation of the chargeable amount for a tax year (year X) is made in accordance with steps (1)–(5) below1.

  1.  

    (1)     Identify the amount or value of the benefits for year X and any previous tax years for which conditions (a)–(d) in E1.1117 are met in relation to the relevant transfer or associated operations. See E1.1130 as regards valuation of benefits. The sum of those amounts and values is the total benefits

  2.  

    (2)     Deduct from the total benefits in step (1) the total amount of income treated as arising to

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