- Latest available (Revised)
- Original (As enacted)
Income Tax (Trading and Other Income) Act 2005
You are here:
- UK Public General Acts
- 2005 c. 5
- Part 4
- Chapter 9
- Reductions from gains
What Version
Advanced Features
Opening Options
Status:
This is the original version (as it was originally enacted).
Reductions from gains
527Reduction for sums taken into account otherwise than under Chapter 9
(1)This section applies if the whole or part of any receipt or other credit item is taken into account in calculating both—
(a)the amount of a gain treated as arising under this Chapter, and
(b)an amount on which income tax is charged otherwise than under this Chapter or on which corporation tax is charged.
(2)The amount of the gain on which tax is charged under this Chapter is reduced by so much of the amount of that receipt or other credit item as is taken into account in both those calculations.
528Reduction in amount charged: non-UK resident policy holders
(1)The gain from a foreign policy of life insurance or foreign capital redemption policy is reduced for the purposes of this Chapter if the policy holder was not UK resident throughout the policy period.
(2)The amount of the reduction is the appropriate fraction of the gain.
(3)The appropriate fraction is—
where—
A is the number of days on which the policy holder was not UK resident in the policy period, and
B is the number of days in that period.
(4)In this section and section 529 (exceptions from this section), “the policy period” means the period for which the policy has run before the chargeable event occurs.
(5)If the gain is from a policy of life insurance which is a new policy in relation to another policy, for the purposes of subsection (4) the new policy is taken to have run—
(a)from the issue of the other policy, or
(b)if it also was a new policy in relation to an earlier policy, from the issue of the earlier policy,
and so on.
(6)In subsection (5) “new policy” has the meaning given in paragraph 17 of Schedule 15 to ICTA.
(7)This section is subject to section 529.
529Exceptions to section 528
(1)Section 528 does not apply if, when the chargeable event occurs or at any time during the policy period, the policy is or was held—
(a)by a non-UK resident trustee,
(b)by non-UK resident trustees, or
(c)by a foreign institution.
(2)Section 110 of FA 1989 (residence of trustees) applies for the purposes of subsection (1)(b) despite section 110(6) of that Act (which provides that it only applies for 1989-90 and subsequent tax years).
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Part
PrintThe Whole Chapter
PrintThis Cross Heading only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open The Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act without Schedules as a PDF
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open The Whole Part
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Part as a PDF
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Notes
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.