- Latest available (Revised)
- Point in Time (06/04/2006)
- Original (As enacted)
Point in time view as at 06/04/2006.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Chapter 13.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Income tax is charged on income treated under subsection (2) as arising from foreign holdings.
(2)Income is treated as arising from such holdings in the following cases.
(3)The first case is where a bank's office in the United Kingdom—
(a)pays over the proceeds of a sale or other realisation of dividend coupons in respect of the holdings which has been effected by the bank, or
(b)carries such proceeds into an account.
(4)The second case is where a person who is not a bank or a dealer in coupons sells dividend coupons in respect of the holdings to a person dealing in coupons in the United Kingdom.
(5)In this section “bank” has the meaning given by section 840A of ICTA.
(1)In this Chapter “foreign holdings” means shares or other securities outside the United Kingdom that are—
(a)securities issued by or on behalf of a government or local or other public authority in a country outside the United Kingdom, or
(b)shares or securities issued by or on behalf of a non-UK resident body of persons.
(2)In section 570 “dividend coupons” means coupons for dividends payable in respect of foreign holdings.
(3)In this Chapter “coupons” includes—
(a)warrants, and
(b)bills of exchange that purport to be drawn or made in payment of dividends payable in respect of foreign holdings.
(4)In this section “dividends”—
(a)in the case of foreign holdings within subsection (1)(a), means interest or annual payments payable out of the revenue of the government or authority, and
(b)in the case of foreign holdings within subsection (1)(b), includes interest or other annual payments.
(5)In subsection (1) “securities” includes loan stock and similar securities.
(1)In a case within section 570(3), tax is charged under this Chapter on the full amount of the proceeds that are paid over or carried into the account in the tax year.
(2)In a case within section 570(4), tax is charged under this Chapter on the full amount of the proceeds arising in the tax year.
(3)Subsections (1) and (2) are subject to Part 8 (foreign income: special rules).
The person liable for any tax charged under this Chapter is the person receiving or entitled to the proceeds.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: