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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 681C

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Version Superseded: 06/04/2024

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Point in time view as at 17/12/2014. This version of this provision has been superseded. Help about Status

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 681C is up to date with all changes known to be in force on or before 06 March 2025. 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. Help about Changes to Legislation

[F1681CThe amount of the chargeU.K.

This section has no associated Explanatory Notes

(1)The amount of the high income child benefit charge to which a person (“P”) is liable for a tax year is the appropriate percentage of the total of—

(a)any amounts in relation to which condition A is met, and

(b)any amounts in relation to which condition B is met.

For conditions A and B, see section 681B.

(2)“The appropriate percentage” is—

(a)100%, or

(b)if less, the percentage determined by the formula—

Where—

ANI is P's adjusted net income for the tax year;

L is £50,000;

X is £100.

(3)If—

(a)the total of the amounts mentioned in paragraphs (a) and (b) of subsection (1), or the amount of the charge determined under that subsection, is not a whole number of pounds, or

(b)the percentage determined under subsection (2)(b) is not a whole number,

it is to be rounded down to the nearest whole number.]

Textual Amendments

F1Pt. 10 Ch. 8 inserted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2012 (c. 14), Sch. 1 para. 1

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