Section 732 | Non-transferors receiving a benefit as a result of relevant transactions

(1)This section applies if—

(a)a relevant transfer occurs,

(b)an individual who is UK resident for a tax year receives a benefit in that tax year,^F1

(c)the benefit is provided out of assets which are available for the purpose as a result of—

(i)the transfer, or

(ii)one or more associated operations,

(d)the individual is not liable to income tax under section 720 or 727 by reference to the transfer and would not be so liable if the effect of sections 726 and 730 were ignored, and^F2

(e)the individual is not liable to income tax , under any provision that is none of section 731 of this Act and sections 643A, 643J and 643L of ITTOIA 2005, on the amount or value of the benefit ....^F3F4

(2)Income is treated as arising to the individual for income tax purposes for any tax year for which section 733 provides that income arises.

(3)Also see that section for the amount of income treated as arising for any such tax year.

(4)Repealed^F5