684Income chargedU.K.
This section has no associated Explanatory Notes
(1)Tax is charged under this Chapter on the full amount of the annual payments arising in the tax year.
(2)Subsection (1) is subject to Part 8 (foreign income: special rules).
(3)The amount charged under this Chapter in the case of certain payments made by trustees in the exercise of a discretion is subject to [F1section 494 of ITA 2007](grossing up of discretionary payments from trusts).
Textual Amendments
F1Words in s. 684(3) substituted (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. 568 (with transitional provisions and savings in Sch. 2)