Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 425 — Total amount of income tax to which individual charged for a tax year
Total amount of income tax to which individual charged for a tax year 425 1 For the purposes of sections 423 and 424, the total amount of income tax to which an individual is charged for a tax year…
Section 426 — Election by donor: gift treated as made in previous tax year
Election by donor: gift treated as made in previous tax year 426 1 If— a an individual makes a gift to a charity that is a qualifying donation, and b the condition in subsection (2) is met, the…
Section 427 — Meaning of “charged amount”
Meaning of “charged amount” 427 1 For the purposes of this Chapter, an individual's charged amount is the amount calculated as follows. 2 Calculate the amount of the individual's modified net income…
Section 428 — Meaning of “gift aid declaration”
Meaning of “gift aid declaration” 428 1 In this Chapter “ gift aid declaration ” means a declaration which— a is given in the manner specified by regulations made by the Commissioners for Her…
Section 429 — Giving through self-assessment return
Giving through self-assessment return 429 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 430 — “Charity” to include exempt bodies
“Charity” to include exempt bodies 430 1 In this Chapter “ charity ” includes— a the Trustees of the National Heritage Memorial Fund, and b the Historic Buildings and Monuments Commission for…
Section 431 — Relief for gifts of shares, securities and real property to charities etc
Relief for gifts of shares, securities and real property to charities etc 431 1 An individual who disposes of the whole of the beneficial interest in a qualifying investment (see section 432) to a…
Section 432 — Meaning of “qualifying investment”
Meaning of “qualifying investment” 432 1 In this Chapter “ qualifying investment ” means— a shares or securities which are listed on a recognised stock exchange or dealt in on any designated market…
Section 433 — Meaning of “qualifying interest in land”
Meaning of “qualifying interest in land” 433 1 In this Chapter “ qualifying interest in land ” means— a a freehold interest in land in the United Kingdom, or b a leasehold interest in land in the…
Section 434 — The relievable amount
The relievable amount 434 1 If the disposal is a gift, the relievable amount is given by the formula— V + IC - B where— V is the value of the net benefit to the charity at, or immediately after, the…
Section 435 — Incidental costs of making disposal
Incidental costs of making disposal 435 References in section 434 to the incidental costs of making the disposal to the individual making it are to— a fees, commission or remuneration paid for the…
Section 436 — Consideration
Consideration 436 1 For the purposes of the formula in section 434(2) consideration for the disposal is brought into account— a without any discount for postponement of the right to receive any part…
Section 437 — Value of net benefit to charity
Value of net benefit to charity 437 1 For the purposes of this Chapter the value of the net benefit to a charity is— a the relevant value of the qualifying investment, or b if the charity is, or…
Section 438 — Market value of qualifying investments
Market value of qualifying investments 438 1 The market value of a qualifying investment for the purposes of this Chapter is determined in accordance with sections 272 to 274 of TCGA 1992 (subject to…
Section 438A — Acquisition value of qualifying investments
Acquisition value of qualifying investments 438A 1 For the purposes of this Chapter the acquisition value of a qualifying investment disposed of by an individual is— a where the qualifying investment…
Section 439 — Meaning of “disposal-related obligation”
Meaning of “disposal-related obligation” 439 1 In this Chapter an obligation is a “ disposal-related obligation ”, in relation to a qualifying investment, if condition A or condition B is met in…
Section 440 — Meaning and amount of “disposal-related liability”
Meaning and amount of “disposal-related liability” 440 1 In this Chapter a liability is a “disposal-related liability” in the case of a qualifying investment if it is a liability of the charity under…
Section 441 — Certificate required from charity
Certificate required from charity 441 1 This section applies if the qualifying investment is a qualifying interest in land. 2 No individual may make a claim for relief under this Chapter unless the…
Section 442 — Qualifying interests in land held jointly
Qualifying interests in land held jointly 442 1 This section applies if the qualifying investment is a qualifying interest in land. 2 It applies if two or more persons (“the owners”)— a are jointly…
Section 443 — Calculation of relievable amount where joint disposal of interest in land
Calculation of relievable amount where joint disposal of interest in land 443 1 This section applies for the purpose of calculating the relievable amount in a case where relief under this Chapter is…
Section 444 — Disqualifying events
Disqualifying events 444 1 This section applies if the qualifying investment is a qualifying interest in land. 2 If a disqualifying event occurs at any time in the provisional period, the following…
Section 445 — Prohibition against double relief
Prohibition against double relief 445 1 If a claim is made for relief under this Chapter in respect of a disposal— a section 108 of ITTOIA 2005 (gifts of trading stock to charities etc) does not…
Section 446 — “Charity” to include exempt bodies
“Charity” to include exempt bodies 446 In this Chapter “ charity ” includes— a the Trustees of the National Heritage Memorial Fund, and b the Historic Buildings and Monuments Commission for England,…
Section 447 — Overview of Chapter
Overview of Chapter 447 1 This Chapter gives relief for some of the payments from which sums representing income tax must be deducted under Chapter 6 of Part 15 (deduction from annual payments and…
Section 448 — Relief for individuals
Relief for individuals 448 1 This section applies to a payment made in a tax year if— a the person who makes it is an individual, b a sum representing income tax is required by section 900(2) ...…
Section 449 — Relief for other persons
Relief for other persons 449 1 This section applies to a payment made in a tax year if— a the person who makes it is not an individual, b a sum representing income tax is required by section 901(3)…
Section 450 — Other persons: payments ineligible for relief
Other persons: payments ineligible for relief 450 1 This section sets out the circumstances in which a payment to which section 449 applies, or part of it, is ineligible for relief. 2 The payment is…
Section 451 — Special rule for persons affected by section 733 of ICTA
Special rule for persons affected by section 733 of ICTA 451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 452 — The gross amount of a payment
The gross amount of a payment 452 References in this Chapter to the gross amount of a payment are to the amount of the payment before deduction of the sum representing income tax deductible from it…
Section 453 — Tax reduction for qualifying maintenance payments
Tax reduction for qualifying maintenance payments 453 1 An individual who makes a claim is entitled to a tax reduction for a tax year in which any qualifying maintenance payments made by the…
Section 454 — Meaning of “qualifying maintenance payment”
Meaning of “qualifying maintenance payment” 454 1 For the purposes of section 453 a payment is a “qualifying maintenance payment” if conditions A to E are met. 2 Condition A is that the payment is a…
Section 455 — Child support maintenance payments
Child support maintenance payments 455 1 Condition A in section 454(2) is treated as met in relation to a payment if— a it is a periodical payment made under a maintenance calculation by any person,…
Section 456 — Payments under orders for recovery of benefit etc
Payments under orders for recovery of benefit etc 456 1 Condition A in section 454(2) is treated as met in relation to a payment made by any person if— a it is a periodical payment made to the…
Section 457 — Payments to trade unions
Payments to trade unions 457 1 An individual who makes a payment to a trade union in a tax year is entitled to relief for the tax year if— a part of the payment (the “qualifying amount”) is…
Section 458 — Payments to police organisations
Payments to police organisations 458 1 An individual who makes a payment to a police organisation in a tax year is entitled to relief for the tax year if— a part of the payment (the “qualifying…
Section 459 — Payments for benefit of family members
Payments for benefit of family members 459 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 460 — Residence etc of claimants
Residence etc of claimants 460 1 This section applies in relation to an individual who claims— a relief under section 457 or 458 (payments to trade unions and police organisations) for a tax year,…
Section 461 — Spreading of patent royalty receipts
Spreading of patent royalty receipts 461 1 A person who makes a claim is entitled to a tax reduction for a tax year in which the person receives a payment of a royalty or other sum if— a the payment…
Section 462 — Overview of Part
Overview of Part 462 1 This Part sets out special rules about settlements and trustees. 2 Chapter 2 contains general provision about settlements and trustees, for example, definitions of expressions…
Section 463 — Interpretation of Part
Interpretation of Part 463 1 In this Part— “ other income ” means income which is not property income, dividends income or savings income, and “ the trustees of a settlement ” does not include…
Section 464 — Scottish trusts
Scottish trusts 464 1 This section applies if— a income arises to trustees under a trust having effect under the law of Scotland, b the trustees are UK resident, and c a beneficiary under the trust…
Section 465 — Overview of Chapter and interpretation
Overview of Chapter and interpretation 465 1 This Chapter contains general provision about settlements and trustees. 2 Section 466 explains what is meant by references to settled property. 3 Sections…
Section 465A — Amounts for which individuals liable to be treated as highest part of total income
Amounts for which individuals liable to be treated as highest part of total income 465A 1 This section applies if— a an individual is liable for tax under this Chapter in respect of an amount, and b…
Section 466 — Meaning of “settled property” etc
Meaning of “settled property” etc 466 1 This section applies for the purposes of the Income Tax Acts, except so far as, in those Acts, the context otherwise requires. 2 “ Settled property ” means any…
Section 467 — Meaning of “settlor” etc
Meaning of “settlor” etc 467 1 In the Income Tax Acts (except where the context otherwise requires) “ settlor ”, in relation to a settlement, means the person, or any of the persons, who has made the…
Section 468 — Meaning of “disposable property”
Meaning of “disposable property” 468 1 This section applies for the purposes of section 467(4)(b)(i). 2 Property is disposable if S could have disposed of it by S's will. 3 In working out whether any…
Section 469 — Person ceasing to be a settlor
Person ceasing to be a settlor 469 1 A person (“S”) who is a settlor in relation to a settlement ceases to be so when the following condition is met. 2 The condition is that— a no property of which S…
Section 470 — Transfers between settlements
Transfers between settlements 470 1 Section 471 applies in relation to a transfer of property from the trustees of one settlement (“settlement 1”) to the trustees of another settlement (“settlement…
Section 471 — Identification of settlor following transfer covered by section 470
Identification of settlor following transfer covered by section 470 471 1 If there is a transfer of property in relation to which this section applies, then the following subsections apply for the…
Section 472 — Settlor where property becomes settled because of variation of will etc
Settlor where property becomes settled because of variation of will etc 472 1 This section applies if— a a disposition of property following a person's death is varied, and b section 62(6) of TCGA…