- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/01/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 31/01/2013.
There are currently no known outstanding effects for the Income Tax Act 2007, Section 681DD.
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(1)The person obtaining the capital sum is charged to income tax, for the tax year in which the sum is obtained, on the amount given by subsection (2).
(2)That amount is—
(a)the amount of the payment for which a deduction by way of relevant tax relief is allowed, or
(b)the total amount of such payments (if more than one).
(3)But subsections (1) and (2) have effect subject to—
(a)subsections (4) to (7), and
(b)section 681DE(3) (hire-purchase agreements).
(4)The amount on which tax is charged under this section is not to exceed the capital sum obtained (but see section 681DE(4)).
(5)Subsection (6) applies if—
(a)income tax is charged under this section in respect of a capital sum, and
(b)a payment or part of a payment is taken into account in deciding the amount on which the tax is charged.
(6)The payment or part must be left out of account in deciding—
(a)whether income tax is to be charged under this section in respect of another capital sum, and
(b)the amount on which the tax is to be charged (if any is to be charged).
(7)The order in which subsections (5) and (6) are applied is the order in which capital sums are obtained.
(8)An amount on which income tax is charged under this section is treated for income tax purposes as an amount of income.]
Textual Amendments
F1Pt. 12A Ch. 4 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. 5 (with Sch. 9 paras. 1-9, 22)
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