{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-416",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-416.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/416",
  "kind": "section",
  "number": "416",
  "heading": "Income charged",
  "text": "(1) Tax is charged under this Chapter on the ... amount of the debt released or written off in the tax year.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) For the purposes of calculating the total income of the person liable for the tax, the amount charged is treated as income.\n(4) This section is subject to section 418 (relief where borrowers liable as settlors).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/416",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}