Income Tax (Trading and Other Income) Act 2005

783 General disregard of exempt income for income tax purposes U.K.

(1) Amounts of income which are exempt from income tax as a result of this Part (whether because the type of income concerned is exempt from every charge to income tax or because it is exempt from every charge that is relevant to those particular amounts) are accordingly to be ignored for all other income tax purposes.

[F1 (2) There are exceptions to this in the following cases.

(2A) Interest on deposits in ordinary accounts with the National Savings Bank which is exempt under this Part from every charge to income tax is not to be ignored for the purpose of providing information.

(2B) Interest paid to or in respect of victims of National-Socialist persecution which is so exempt is not to be ignored for the purposes of sections 17 and 18 of TMA 1970 (information provisions relating to interest).]

(3) [F2 These express exceptions to subsection (1) are] without prejudice to the existence of any other implied or express exception to that subsection (whether in connection with the provision of information or otherwise).

Textual Amendments

F1 S. 783(2)-(2B) substituted (19.7.2006) for s. 783(2) by Finance Act 2006 (c. 25), s. 64(3)(a) (with s. 64(10)-(12))

F2 Words in s. 783(3) substituted (19.7.2006) by Finance Act 2006 (c. 25), s. 64(3)(b) (with s. 64(10)-(12))