# Finance Act 2026, Paragraph 37: TMA 1970

Extent: E+W+S+N.I.

In section 7 of TMA 1970 (notice of liability to income tax and capital gains tax), in subsection (6)—
(a) in subsection (6)—
(i) after “other than the basic rate,” insert “the property basic rate, the savings basic rate,” and
(ii) after “the Welsh basic rate,” insert “the Welsh property basic rate,”, and
(b) after that subsection insert—
“(6ZA) A source of income falls within this subsection in relation to any person and any year of assessment if for that year—
(a) all income from the source is savings income (see section 18 of ITA 2007), and
(b) the person—
(i) is UK resident,
(ii) is not liable to tax at the savings basic rate,
(iii) is not liable to tax at the savings higher rate,
(iv) is not liable to tax at the savings additional rate, and
(v) is not charged to tax under section 832 of ITTOIA 2005 (relevant foreign income charged on remittance basis) on any savings income.”

---
Source: https://www.legislation.gov.uk/ukpga/2026/11/schedule/1/paragraph/37 (the official version)
Page: https://openlegislation.uk/finance-act-2026/schedule-1/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.