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Changes over time for: Section 532


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2014
Status:
Point in time view as at 13/10/2011. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Section 532.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
532Exemption for savings and investment incomeU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)The income mentioned in subsection (2) is not taken into account in calculating total income if—
(a)it is income of a charitable trust, or
(b)it is required, under an Act, court judgment, charter, trust deed or will, to be applied to charitable purposes only.
(2)The income referred to in subsection (1) is—
(a)interest,
(b)a dividend or other distribution of a UK resident company,
(c)a dividend of a non-UK resident company,
(d)an annuity payment under a purchased life annuity,
(e)profits on the disposal of deeply discounted securities, or
(f)income treated for the purposes of Chapter 10 of Part 4 of ITTOIA 2005 (distributions from unauthorised unit trusts) as received by a unit holder from a scheme to which section 547 of that Act applies (unauthorised unit trust schemes).
(3)Subsection (1) applies only so far as the income falls within, and is dealt with under, Part 4 of ITTOIA 2005 (see section 366 of that Act as to provisions given priority over Part 4).
(4)Subsection (1) applies so far as the income is applied to charitable purposes only.
(5)In this section—
“deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act),
“disposal”, in relation to a deeply discounted security, has the same meaning as in Chapter 8 of Part 4 of that Act (see section 437(1) of that Act),
“dividend”, in relation to a UK resident company, has the same meaning as in Chapter 3 of Part 4 of that Act (dividends etc from UK resident companies etc) (see section 382(4) of that Act),
“interest” includes anything treated as interest for the purposes of Chapter 2 of Part 4 of that Act (interest), and
“purchased life annuity” has the same meaning as in Chapter 7 of Part 4 of that Act (purchased life annuity payments) (see section 423 of that Act).
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