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The Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2007

S.I. 2007/1305 · Made 24 April 2007

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tax credits

Made 24th April 2007

Laid before Parliament 25th April 2007

Coming into force 16th May 2007

The Treasury make the following Regulations in exercise of the powers conferred by sections 7(8) and (9), 65(1), (3), (7), (9) and 67 of the Tax Credits Act 2002f1 :

Annotations to the whole text

Footnotes

f1

2002 c. 21; section 67 is cited because of the meaning ascribed to “prescribed”.

Contents

  1. 1Citation and commencement
  2. 2Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  3. 3Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  4. 4Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  5. 5Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  6. 6Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  7. 7Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  8. 8Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002
  9. Signature
  10. Explanatory note

1Citation and commencement

These Regulations may be cited as the Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2007 and shall come into force on 16th May 2007.

2Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

The Tax Credits (Definition and Calculation of Income) Regulations 2002f1 are amended as follows.

3Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

In regulation 2(2)f1 (interpretation) after the definition of “the Independent Living (1993) Fund” insert—

  • ““ITA” means the Income Tax Act 2007f2;”.

4Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1)

Regulation 3f1 (calculation of income of claimant) is amended as follows.

(2)

In paragraph (7)(b) for “section 25 of the Finance Act 1990 (donations to charity by individuals)” substitute “Chapter 2 of Part 8 of ITA (gift aid)”.

(3)

In paragraph (8)(b) for “section 379A(2) and (3) of the Taxes Act” substitute      “section 120 of ITA (deduction of property losses from general income)”.

5Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1)

Regulation 8f1 (student income) is amended as follows.

(2)

In paragraph (d) for sub-paragraphs (i) and (ii) substitute—

“(i)

under regulation 22 of the Assembly Learning Grants and Loans (Higher Education) (Wales) Regulations 2006f2 in relation to an academic year which begins on or after 1st September 2006 but before 1st September 2007; or

(ii)

under regulation 26 of the Assembly Learning Grants and Loans (Higher Education) (Wales) Regulations 2007f3 in relation to an academic year which begins on or after 1st September 2007.”.

6Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1)

Regulation 11f1 (property income) shall be amended as follows.

(2)

In paragraph (3)—

(a)

for “of section 379A of the Taxes Act” substitute “contained in sections 118 (carry forward against subsequent property business profits) and 119 (how relief works) of  ITA” ; and

(b)

for the words “subsection (1) of that section” substitute “those sections”.

7Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1)

Regulation 12f1 (foreign income) shall be amended as follows.

(2)

In paragraph (4)—

(a)

for “of section 379A of the Taxes Act apply by virtue of section 379B of that Act” substitute “contained in sections 118 (carry forward against subsequent property business profits) and 119 (how relief works) of ITA apply”;

(b)

for “section 379A(1)” substitute “those sections”.

8Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1)

Regulation 14f1 (claimants treated for any purpose as having income by virtue of the Income Tax Acts) shall be amended as follows.

(2)

In paragraph (2) omit the following sub-paragraphs—

(a)

(a)(xi) (section 730A);

(b)

(a)(xii) (section 739);

(c)

(a)(xiii) (section 740); and

(d)

(a)(xv) (section 776).

(3)

After sub-paragraph (2)(b) insert—

“(ba)

the following provisions of ITA—

(i)

Chapter 5 of Part 11 (price differences under repos);

(ii)

Chapter 2 of Part 13 (transfer of assets abroad); and

(iii)

Chapter 3 of Part 13 (transactions in land).”.

Signature

Alan Campbell

Frank Roy

Two of the Lords Commissioners of Her Majesty’s Treasury

24th April 2007

Explanatory note

(This note is not part of the Regulations)

These regulations amend the Tax Credits (Definition and Calculation of Income) Regulations 2002 (S.I. 2002/2006) (“the 2002 Regulations”) to take into account the coming into force of the Income Tax Act 2007 (c.3) and the introduction of the Assembly Learning Grants and Loans (Higher Education) (Wales) Regulations 2007 (S.I. 2007/1045 (W.104)).

A regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.