Section 742 | Partial exemption where later associated operations fail conditions

(1)If this section applies, the individual is liable to tax under this Chapter only in respect of part of the income for which the individual would otherwise be liable.

(2)That part is so much of the income as appears to an officer of Revenue and Customs to be justly and reasonably attributable to the operations mentioned in section 741(3)(b) in all the circumstances of the case.

(3)Those circumstances include how far those operations or any of them directly or indirectly affect—

(a)the nature or amount of any person's income, or

(b)any person's power to enjoy any income.