Regulation 17 Amendment of the Tax Credits (Definition and Calculation of Income) Regulations 2002

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

In paragraph (2)(a) omit sub-paragraphs (i) to (viii).

For paragraph (b) substitute—

“(b)

the following provisions of ITTOIA—

(i)

sections 277 to 283 (amounts treated as receipts: leases);

(ii)

Chapter 5 of Part 4 (stock dividends from UK resident companies);

(iii)

Chapter 6 of Part 4 (release of loan to participator in close company);

(iv)

section 427 (charge to tax on profits from deeply discounted securities);

(v)

Chapter 11 of Part 4 (transactions in deposits);

(vi)

sections 624 to 628 (income treated as income of settlor: retained interests);

(vii)

sections 629 to 632 (income treated as income of settlor: unmarried children);

(viii)

section 633 (capital sums paid to settlor by trustees of settlement);

(ix)

section 641 (capital sums paid to settlor by body connected with settlement);

(x)

section 652 (estate income: absolute interests in residue); and

(xi)

sections 654 to 655 (estate income: interests in residue); and

(c)

section 84 and Schedule 15 to the Finance Act 2004 (charge to income tax by reference to enjoyment of property previously owned).”.