Section 18 — Income Tax Act 2007: Meaning of “savings income”

Meaning of “savings income” 18 1 This section applies for the purposes of the Income Tax Acts. 2 “Savings income” is income—

a which is within subsection (3) or (4),

and b which is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

3 Income is within this subsection if it is—

a income chargeable under Chapter 2 of Part 4 of ITTOIA 2005 (interest),

b income chargeable under Chapter 7 of Part 4 of ITTOIA 2005 (purchased life annuity payments), other than income from annuities specified in section 718(2) of that Act (annuities purchased from certain life assurance premium payments or under wills etc),

c income chargeable under Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities), or d income chargeable under Chapter 2 of Part 12 of this Act (accrued income profits).

4 Income is within this subsection if—

a it is chargeable under Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc),

and b an individual is, or personal representatives or trustees are, liable for income tax on it (under section 465 , 466 or 467 of that Act).