Modifications etc. (not altering text)
C1Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
C2Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
C3Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)
(1)An individual or trustees who are liable for tax on an amount under this Chapter are treated as having paid income tax at the [F1basic rate] on that amount.
(2)The income tax treated as paid under subsection (1) is not repayable.
(3)The amount on which an individual is treated under subsection (1) as having paid income tax is reduced if subsection (4) applies.
(4)This subsection applies if the individual's total income is reduced by any deductions which fall to be made [F2at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability)] from the part of the income charged to tax under this Chapter.
(5)The reduction under subsection (3) is equal to the amount of those deductions.
F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)This section is subject to section 531.
Textual Amendments
F1Words in s. 530(1) substituted (with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 54(2)
F2Words in s. 530(4) inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 535(3), (with transitional provisions and savings in Sch. 2)
F3S. 530(6) omitted (with effect in accordance with Sch. 1 para. 65 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 1 para. 54(3)