Income Tax (Trading and Other Income) Act 2005 Explanatory Notes

Overview

1446.This Part contains the rules relating to savings and investment income. It consists of income that is charged under Schedule D Cases III, IV, V and VI; Schedule F and non-schedular charges in the source legislation.

1447.There is a separate Chapter for each category of income arranged as follows:

  • interest (Chapter 2);

  • dividends and other distributions from UK resident companies (Chapter 3);

  • dividends from non-UK resident companies (Chapter 4);

  • stock dividends from UK resident companies (Chapter 5);

  • release of loan to participator in close company (Chapter 6);

  • purchased life annuity payments (Chapter 7);

  • profits from deeply discounted securities (Chapter 8);

  • gains from contracts for life insurance etc. (Chapter 9);

  • distributions from unauthorised unit trusts (Chapter 10);

  • transactions in deposits (Chapter 11);

  • disposals of futures and options involving guaranteed returns (Chapter 12); and

  • sales of foreign dividend coupons (Chapter 13).

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