Section 465A Amounts for which individuals liable to be treated as highest part of total incomeF1
United Kingdom
This section applies if—
an individual is liable for tax under this Chapter in respect of an amount, and
the individual is treated by section 530 as having paid income tax at F2the savings basic rate on the amount.
The amount is treated as the highest part of the individual's total income.
Subsection (2) has effect for all income tax purposes except the purposes of sections 535 to 537 (gains from contracts for life insurance etc: top slicing relief).
See section 1012 of ITA 2007 (relationship between highest part rules) for the relationship between—
the rule in subsection (2), and
other rules requiring particular income to be treated as the highest part of a person's total income.
Annotations
Textual amendments
- F1
S. 465A inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 529 (with transitional provisions and savings in Sch. 2)
- F2
Words in s. 465A(1)(b) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 41
Notes on Chapter 9
Modifications
- C1
Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
- C2
Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
- C3
Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)