Section 825 Meaning of “disregarded savings and investment income”

United Kingdom

(1)

For the purposes of this Chapter income is “disregarded savings and investment income” if—

(a)

it is chargeable under Chapter 3 or 5 of Part 4 of ITTOIA 2005 (dividends etc from UK resident companies and stock dividends from UK resident companies), or

(b)

it is within subsection (2) and is not relevant foreign income.

(2)

Income is within this subsection if it is chargeable under—

(a)

Chapter 2 of Part 4 of ITTOIA 2005 (interest),

(b)

Chapter 7 of that Part (purchased life annuity payments),

(c)

Chapter 8 of that Part (profits from deeply discounted securities),

F1(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)

Chapter 11 of that Part (transactions in deposits)F2, or

(f)

regulation 15 of the Unauthorised Unit Trusts (Tax) Regulations 2013.

Annotations

Textual amendments

F1: S. 825(2)(d) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 37(9)(a) (with reg. 32)
F2: S. 825(2)(f) and word inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 37(9)(b) (with reg. 32)

Notes on Chapter 1

Modifications

C1: Pt. 14 Ch. 1 excluded by 2005 c. 5, s. 608X(3)(a) (as inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4)