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Regulation 118 Treatment of liable relative paymentsI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Subject to regulation 119 (disregard of payments treated as not relevant income) and except where regulation 124(1) (liable relative payments to be treated as capital) applies a payment shall—

(a)

to the extent that it is not a payment of income, be treated as income;

(b)

be taken into account in accordance with the following provisions of this Chapter.

Annotations

Commencement

I1

Reg. 118 in operation at 7.10.1996, see reg. 1(1)