Point in time view as at 27/04/2017.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 164B.
(1)This section applies for the purposes of calculating the trading profits of a person where—
(a)the person is the intermediary in a chain identified under section 61N of ITEPA 2003 (see section 61N(1)(b)),
(b)a deemed direct payment is treated as made under subsection (3) of that section, and
(c)the person receives a payment which can reasonably be taken to be in respect of the same services as those in respect of which the underlying chain payment is made.
(2)The payment mentioned in subsection (1)(c) is not required to be brought into account in calculating the profits of the trade.
(3)In this section “underlying chain payment” means the payment whose amount is used at Step 1 of section 61Q(1) of ITEPA 2003 as the starting point for calculating the amount of the deemed direct payment mentioned in subsection (1)(b).]
Textual Amendments
F1S. 164B and cross-heading inserted (27.4.2017) (with effect in accordance with Sch. 1 paras. 16, 17 of the amending Act) by Finance Act 2017 (c. 10), Sch. 1 para. 13
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