- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (08/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 08/04/2014.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Interpretation.
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Textual Amendments
F1Pt. 12A Ch. 2 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 3 (with Sch. 9 paras. 1-9, 22)
For the purposes of this Chapter each of the following is a deduction by way of relevant income tax relief—
(a)a deduction in calculating profits or losses of a trade, profession or vocation for income tax purposes,
(b)a deduction in calculating the profits of a UK property business for income tax purposes,
(c)a deduction in calculating any loss for which relief is given under section 152 (losses from miscellaneous transactions), or in calculating profits or other income or gains chargeable to income tax under or by virtue of any provision to which section 1016 applies, and
(d)a deduction from earnings allowed under section 336 of ITEPA 2003 (expenses) or allowed in calculating losses in an employment for income tax purposes.
(1)In this Chapter references to a person linked to L are to a person who is—
(a)a partner of L,
(b)an associate of L, or
(c)an associate of a partner of L.
(2)“Associate” must be read in accordance with section 681DL (relatives, settlements, persons controlling bodies, joint owners etc).
(1)This section applies for the purposes of this Chapter.
(2)“Lease” includes—
(a)an agreement for a lease, and
(b)any tenancy.
(3)“Lease” does not include a mortgage.
(4)A reference to a lessee or lessor—
(a)is to be read in accordance with subsections (2) and (3), and
(b)includes a reference to the successors in title of a lessee or lessor.
(5)“Rent” includes a payment by a tenant for work to maintain or repair leased premises which the lease does not require the tenant to carry out; and “premises” here includes land.
(6)In the application of this section to Scotland “mortgage” means—
(a)a standard security, or
(b)a heritable security, as defined in the Conveyancing (Scotland) Act 1924, but including a security constituted by ex facie absolute disposition or assignation.]
Modifications etc. (not altering text)
C1S. 681BM applied (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 41(4) (with Sch. 9 paras. 1-9, 22)
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