Income Tax Act 2007 section 758

Income charged

Section 758 defines how the amount of income subject to tax is measured in relation to gains from transactions in land, and directs the reader to the method of calculating that gain.

• The income charged under this section is the amount of the gain arising from a transaction in land.
• The method for calculating the gain is set out separately in section 760 of the Act.
• This section establishes the link between a land transaction giving rise to a gain and the amount that is brought into charge to income tax.
• The section was amended by Finance Act 2016 and Finance (No. 2) Act 2017 as part of wider reforms to the taxation of gains from dealings in land.