M1 Where a person is required to be assessed and charged with income tax in respect of any property, profits or gains out of which he makes any payment in respect of—
(a)any annuity or other annual payment (not being interest); or
(b)any royalty or other sum in respect of the user of a patent; F1. . .
(c)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
he shall, in respect of so much of the property, profits or gains as is equal to the payment and may be deducted in computing his total income, be charged at the basic rate.
Textual Amendments
F1S. 3(c) and preceding word repealed (with effect in accordance with Sch. 18 Pt. 6(2) Note of the amending Act) by Finance Act 1997 (c. 16), s. 113 {Sch. 18}
Marginal Citations
M1Source—1970 s.3; 1971 Sch.6 2