Section BC 7 — Income Tax Act 2007: Income tax liability of person with schedular income

BC 7 Income tax liability of person with schedular income Modified income tax liability (1) The income tax liability for a tax year of a person who has schedular income for the year is the total of— (a) their schedular income tax liability for the year calculated under subsection (2) or (3); and (b) the amount that would be their income tax liability for the year if they had no schedular income. Schedular income tax liability (2) If a person has 1 kind of schedular income for a tax year, their schedular income tax liability for the year is the amount that would be the income tax liability for the year if their only income for the year were that schedular income. Multiple schedular income (3) If a person has more than 1 kind of schedular income for a tax year, their schedular income tax liability for the year is the total of the amounts calculated for each kind of schedular income. Income tax liability of multi-rate PIEs (4) The income tax liability for a tax year of a multi-rate PIE is determined under subpart HM (Portfolio investment entities). Defined in this Act: amount , income , income tax liability , multi-rate PIE , schedular income , schedular income tax liability , tax year , Compare: 2004 No 35 s BC 7 Flowchart B4: Satisfying income tax liability Section BC 7(4) heading: added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 4(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section BC 7(4): added, on 1 April 2010 (applying for the 2010–11 and later income years), by section 4(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section BC 7 list of defined terms multi-rate PIE : inserted, on 1 April 2010, by section 4(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).