Section 554Z13 | Subsequent income tax liability ^F1

(1)This section applies if—^F1

(a)after the relevant step is taken, another event (“the later event”) occurs,^F1

(b)other than by virtue of—^F1

(i)this Chapter,^F1

(ii)Chapters 2 to 5 of Part 7, or^F1

(iii)Part 9,^F1

the later event would (apart from this section) give rise to a liability for income tax of A or any other person on an amount (“the later amount”), and

(c)it is just and reasonable for this section to apply in order to avoid a double charge to income tax in respect of the sum of money or asset which is the subject of the relevant step.^F1

(2)So far as it is just and reasonable in order to avoid a double charge to income tax as mentioned in subsection (1)(c), there is to be no liability to income tax on the later amount by virtue of the later event.^F1