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Version Superseded: 27/07/1993
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Income and Corporation Taxes Act 1988, CHAPTER I is up to date with all changes known to be in force on or before 12 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 27/07/1993
(1)Subject to section 686, so much of any person’s total income in any year of assessment as—
(a)comprises income which is chargeable under Schedule F; and
(b)in the case of an individual, is not income falling within section 1(2)(b),
shall by virtue of this section be charged for that year at the lower rate, instead of at the rate otherwise applicable to it in accordance with section 1(2)(aa) and (a).
(2)So much of any person’s income as comprises income chargeable under Schedule F shall be treated for the purposes of subsection (1)(b) above and any other provisions of the Income Tax Acts as the highest part of his income.
(3)Subsection (2) above shall have effect subject to section 833(3) but shall otherwise have effect notwithstanding any provision requiring income of any description to be treated for the purposes of the Income Tax Acts (other than section 550) as the highest part of a person’s income.]
Textual Amendments
F1S. 207A inserted (27.7.1993 with application in relation to the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 77(1)(2)(5)
Modifications etc. (not altering text)
C1S. 207A(2)(3) excluded (27.7.1993) by 1993 c. 34, s. 79(3)
M1Except as otherwise provided by the Corporation Tax Acts, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the United Kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax.
Modifications etc. (not altering text)
C2S. 208 excluded (with effect in accordance with s. 230(3) of the excluding Act) by Finance Act 1994 (c. 9), ss. 219(4), 220
C3S. 208 excluded by Finance Act 1994 (c. 9), ss. 219(4A), 220 (as that s. 219(4A) is inserted (with effect in accordance with s. 22(7) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 22(4))
C4S. 208 excluded (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 6(2)(a)
C5s. 208 excluded (with effect in accordance with s. 22(7) of the amending Act) by Finance Act1993 (c. 34), s. 171(4A) (as inserted by 1997 c. 58, s. 22(4)),
C6S. 208 modified (with retrospective effect) by Finance (No. 3) Act 2010 (c. 33), Sch. 3 para. 6(1)(2)
Marginal Citations
M1Source—1970 s.239
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