50(1)Amend section 348 (payments out of profits or gains brought into charge to income tax: deduction of tax) as follows.U.K.
(2)In subsection (1) for “charged with tax under Case III of Schedule D, not being interest,” substitute “ to which this subsection applies ”.
(3)After subsection (1) insert—
“(1A)Subsection (1) applies to any annuity or other annual payment, not being interest—
(a)which is charged with tax under Case III of Schedule D,
(b)which is charged with tax under Part 9 of ITEPA 2003 (pension income) because section 605 of that Act applies to it (retirement annuity contracts: annuities), or
(c)which arises from a source in the United Kingdom and is charged with tax under Part 9 of ITEPA 2003 because section 609, 610 or 611 of that Act applies to it (certain employment-related annuities).”