Section 687 Charge to tax on income not otherwise charged

United Kingdom

(1)

Income tax is charged under this Chapter on income from any source that is not charged to income tax under or as a result of any other provision of this Act or any other Act.

(2)

Subsection (1) does not apply to annual payments F1or to income falling within Chapter 2A of Part 4.

(3)

Subsection (1) does not apply to income that would be charged to income tax under or as a result of another provision but for an exemption.

(4)

The definition of “income” in section 878(1) does not apply for the purposes of this section.

(5)

For exemptions from the charge under this Chapter, see in particular—

section 768 (commercial occupation of woodlands), and
section 779 (gains on commodity and financial futures).

Annotations

Textual amendments

F1: Words in s. 687(2) inserted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 13(3)

Notes on Chapter 8

Modifications

C1: Pt. 5 Ch. 8 applied in part (1.12.2009) (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 97(2)
C2: Pt. 5 Ch. 8 applied in part (1.12.2009) (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 96(3)(b)