- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (08/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/09/2016
Point in time view as at 08/04/2014. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Income Tax Act 2007, Section 449.
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(1)This section applies to a payment made in a tax year if—
(a)the person who makes it is not an individual,
(b)a sum representing income tax is required by section 901(3) F1... (deduction from annual payments F1...) to be deducted from it, and
(c)the payment is not deductible in calculating the person's income from any source.
(2)The person who makes the payment is entitled to relief for the tax year equal to the gross amount of the payment.
(3)But this is subject to the restrictions in subsections (4) and (5)F2....
(4)Relief is not given for the payment so far as it is ineligible for relief (see section 450).
(5)The total amount of relief given under this section to a person for a tax year cannot be greater than the amount of the person's modified net income for the tax year (see section 1025).
(6)The relief is given by deducting the amount of the relief in calculating the person's net income for the tax year (see Step 2 of the calculation in section 23).
Textual Amendments
F1Words in s. 449(1)(b) omitted (with effect in accordance with s. 15(5) of the amending Act) by virtue of Finance Act 2013 (c. 29), s. 15(3)
F2Words in s. 449(3) omitted (21.7.2008 with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(l)(iv)
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