Regulation 57 How tax is charged under this Chapter: income tax

(1)

This regulation applies in the case of a participant chargeable to income tax.

(2)

The following amounts must be calculated—

(a)

the difference in value calculated by reference to each chargeable measuring date falling within a tax year; and

(b)

the aggregate amount of those differences in value.

(3)

If the aggregate amount is a positive amount, the participant is charged to income tax under Chapter 8 of Part 5 of ITTOIA 2005 (income not otherwise charged) on that aggregate amount for that tax year.

(4)

If the aggregate amount is a negative amount, the participant is treated as if—

(a)

a loss of that aggregate amount had been sustained by the participant in a transaction, and

(b)

this regulation were listed in Part 3 of the Table in section 836B^f1 of ICTA.

Annotations

Footnotes

f1: Section 836B was inserted by paragraph 340 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5).