Income Tax (Trading and Other Income) Act 2005

724 Regulations U.K.

(1) [F1 the Commissioners for Her Majesty’s Revenue and Customs] may by regulations—

(a) prescribe the procedure to be used in giving effect to sections 717 to 723 and this section where no provision is made in those provisions,

(b) apply any provision of the Income Tax Acts, with or without modifications, for the purposes of those provisions or the regulations,

(c) prescribe tables of mortality for the purposes of sections 720(4) and 721(4).

(2) The regulations may, in particular, make provision about—

(a) the time limit for making a claim for exemption from tax under section 717(1) or any consequential repayment of tax,

(b) the information to be provided in connection with the determination of the questions mentioned in section 723(1) and the persons who may be required to provide it,

(c) the way in which such a determination is to be notified to the person making the annuity payments,

(d) the way in which such a determination is to be given effect and the making of assessments for that purpose on the person entitled to the annuity,

(e) the extent to which such a determination is to be binding and the circumstances in which it may be reviewed, and

(f) the time limit for appealing against such a determination.

(3) Subsection (2)(d) applies despite anything in section 348 of ICTA (charges on income).

Textual Amendments

F1 Words in s. 724(1) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), ss. 50, 53(1), Sch. 4 para. 132(2); S.I. 2005/1126, art. 2(2)(h)