Part 2Basic provisions

Chapter 2Rates at which income tax is charged

Income charged at particular rates

C118Meaning of “savings income”

1

This section applies for the purposes of the Income Tax Acts.

2

“Savings income” is income—

a

which is within subsection (3) or (4), and

b

which is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

3

Income is within this subsection if it is—

a

income chargeable under Chapter 2 of Part 4 of ITTOIA 2005 (interest),

b

income chargeable under Chapter 7 of Part 4 of ITTOIA 2005 (purchased life annuity payments), other than income from annuities specified in section 718(2) of that Act (annuities purchased from certain life assurance premium payments or under wills etc),

c

income chargeable under Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities), or

d

income chargeable under Chapter 2 of Part 12 of this Act (accrued income profits).

4

Income is within this subsection if—

a

it is chargeable under Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc), and

b

an individual is, or personal representatives are, liable for income tax on it (under section 465 or 466 of that Act).