Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. The verse was revealed concerning ʿAmr ibn al-Jamūḥ al-Anṣārī, who had a great deal of wealth. He asked: "O Messenger of Allah, what should we give in charity, and upon whom should we spend?" So, this verse was revealed. [Abū Ṣāliḥ from Ibn ʿAbbās]
2. A man said to the Prophet (ﷺ), "I have a dinar." The Prophet replied: "Spend it on yourself." The man said, "I have two." The Prophet said: "Spend them on your family." The man said, "I have three." The Prophet said: "Spend them on your servant." The man said, "I have four." The Prophet said: "Spend them on your parents." The man said, "I have five." The Prophet said: "Spend them on your relatives." The man said, "I have six." The Prophet replied: "Spend them in the way of Allah, which is the best of them." So, this verse was revealed. [ʿAṭāʾ from Ibn ʿAbbās]

What is the context of revelation for this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. Most scholars of *tafsīr* consider this verse to be abrogated. Ibn Masʿūd said: "The verse of *zakāt* abrogated it." 
2. However, al-Ḥasan viewed the verse as still applicable, and Ibn Zayd said it refers to voluntary spending. Ibn al-Jawzī: this is apparent from the verse since it indicates encouragement, and it would not be valid to claim it is abrogated unless it implied an obligation to spend on the people mentioned.