Paragraph 37 TMA 1970
United Kingdom
In section 7 of TMA 1970 (notice of liability to income tax and capital gains tax), in subsection (6)—
in subsection (6)—
after “other than the basic rate,” insert “the property basic rate, the savings basic rate,” and
after “the Welsh basic rate,” insert “the Welsh property basic rate,”, and
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.”