Section 416 Income charged
United Kingdom
(1)
Tax is charged under this Chapter on the F1... amount of the debt released or written off in the tax year.
F2(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
For the purposes of calculating the total income of the person liable for the tax, the amount charged is treated as income.
(4)
This section is subject to section 418 (relief where borrowers liable as settlors).
Annotations
Textual amendments
- F1
Word in s. 416(1) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 18(a)
- F2
S. 416(2) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 18(b)