Finance (No. 2) Act 2005 (c. 22)
This
adran has no associated
Nodiadau Esboniadol
604(1)Amend section 7 (charge to income tax on social security pension lump sum) as follows.
(2)In subsection (5) for “total income” in each place substitute “Step 3 income”.
(3)At the end insert—
“(9)For the purposes of this section P’s “Step 3 income” means P’s net income less allowances deducted at Step 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability).”