Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 517C — Disposals of land: profits treated as trading profits
Disposals of land: profits treated as trading profits 517C 1 The profit or gain is to be treated for income tax purposes as profits of a trade carried on by the chargeable person. 2 If the chargeable…
Section 517D — Disposals of property deriving its value from land in the United Kingdom
Disposals of property deriving its value from land in the United Kingdom 517D 1 Section 517E(1) applies (subject to subsection (3) of that section) if— a a person realises a profit or gain from a…
Section 517E — Disposals within section 517D: profits treated as trading profits
Disposals within section 517D: profits treated as trading profits 517E 1 The relevant amount is to be treated for income tax purposes as profits of a trade carried on by the chargeable person. 2 If…
Section 517F — Profits and losses
Profits and losses 517F 1 Sections 517B to 517E have effect as if they included provision about losses corresponding to the provision they make about profits and gains. 2 Accordingly, in the…
Section 517G — The chargeable person
The chargeable person 517G 1 For the purposes of sections 517C and 517E the general rule is that the “chargeable person” is the person (“P”) that realises the profit or gain (as mentioned in section…
Section 517H — Fragmented activities
Fragmented activities 517H 1 Subsection (3) applies if— a a person (“P”) disposes of any land in the United Kingdom, b any of conditions A to D in section 517B is met in relation to the land, and c a…
Section 517I — Calculation of surplus on a disposal of land
Calculation of surplus on a disposal of land 517I For the purposes of this Part, the profit or gain (if any) from a disposal of any property is to be calculated according to the principles applicable…
Section 517J — Apportionments
Apportionments 517J Any apportionment (whether of expenditure, consideration or any other amount) that is required to be made for the purposes of this Part is to be made on a just and reasonable…
Section 517K — Arrangements for avoiding tax
Arrangements for avoiding tax 517K 1 Subsection (3) applies if an arrangement has been entered into the main purpose or one of the main purposes of which is to enable a person to obtain a relevant…
Section 517L — Gain attributable to period before intention to develop formed
Gain attributable to period before intention to develop formed 517L 1 Subsection (2) applies if— a subsection (1) of section 517C applies because Condition D in section 517B is met (land developed…
Section 517M — Private residences
Private residences 517M No liability to income tax arises under this Part in respect of a gain accruing to an individual if— a the gain is exempt from capital gains tax as a result of sections 222 to…
Section 517N — Tracing value
Tracing value 517N 1 This section applies if it is necessary to determine the extent to which the value of any property or right is derived from any other property or right for the purposes of this…
Section 517O — Relevance of transactions, arrangements, etc
Relevance of transactions, arrangements, etc 517O 1 In determining whether section 517C(1) or 517E(1) applies, account is to be taken of any method, however indirect, by which— a any property or…
Section 517P — “Another person”
“Another person” 517P 1 In this Part references to “other” persons are to be interpreted in accordance with subsections (2) to (4). 2 A partnership or partners in a partnership may be regarded as a…
Section 517Q — “Arrangement”
“Arrangement” 517Q 1 In this Part “arrangement” (except in the phrase “double taxation arrangements”) includes any agreement, understanding, scheme, transaction or series of transactions, whether or…
Section 517R — “Disposal”
“Disposal” 517R 1 In this Part references to a “disposal” of any property include any case in which the property is effectively disposed of (whether wholly or in part, as mentioned in subsection…
Section 517S — “Land” and related expressions
“Land” and related expressions 517S 1 In this Part “ land ” includes— a buildings and structures, b any estate, interest or right in or over land, and c land under the sea or otherwise covered by…
Section 517T — References to realising a gain
References to realising a gain 517T 1 For the purposes of sections 517B(1) and 517D(1) it does not matter whether the person (“P”) realising the profit or gain in question realises it for P or…
Section 517U — Related parties
Related parties 517U 1 For the purposes of this Part a person (“A”) is related to another person (“B”)— a throughout any period for which A and B are consolidated for accounting purposes, b on any…
Section 518 — Overview of Part
Overview of Part 518 1 This Part makes provision about some gifts and payments made to charitable trusts, including provision imposing charges to income tax and conferring exemptions from those…
Section 519 — Meaning of “charitable trust”
Meaning of “charitable trust” 519 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 520 — Gifts entitling donor to gift aid relief: income tax treated as paid
Gifts entitling donor to gift aid relief: income tax treated as paid 520 1 This section applies if a gift is made to a charitable trust by an individual and the gift is a qualifying donation for the…
Section 521 — Gifts entitling donor to gift aid relief: income tax liability and exemption
Gifts entitling donor to gift aid relief: income tax liability and exemption 521 1 This section applies if gifts are made to charitable trusts by individuals and the gifts are qualifying donations…
Section 521A — Gifts under payroll deduction schemes: income tax liability and exemption
Gifts under payroll deduction schemes: income tax liability and exemption 521A 1 This section applies if gifts are made to charitable trusts by individuals and the gifts are donations for the…
Section 522 — Gifts of money from companies: income tax liability and exemption
Gifts of money from companies: income tax liability and exemption 522 1 This section applies if gifts of sums of money are made to charitable trusts by companies. 2 But this section does not apply to…
Section 523 — Payments from other charities: income tax liability and exemption
Payments from other charities: income tax liability and exemption 523 1 This section applies to payments which— a are received by charitable trusts from other charities, b are not made for full…
Section 523A — Legacies: income tax liability and exemption
Legacies: income tax liability and exemption 523A 1 This section applies to a gift of property— a that is made by will to a charitable trust, and b that is not charged to income tax, apart from this…
Section 524 — Exemption for profits etc of charitable trades
Exemption for profits etc of charitable trades 524 1 The income mentioned in subsection (2) is not taken into account in calculating total income if conditions A and B are met. 2 The income referred…
Section 525 — Meaning of “charitable trade”
Meaning of “charitable trade” 525 1 For the purposes of this Part a trade carried on by a charitable trust is a charitable trade in relation to a tax year if throughout ... the tax year— a the trade…
Section 526 — Exemption for profits etc of small-scale trades
Exemption for profits etc of small-scale trades 526 1 The income mentioned in subsection (2) is not taken into account in calculating total income if conditions A and B are met. 2 The income referred…
Section 527 — Exemption from charges under provisions to which section 1016 applies
Exemption from charges under provisions to which section 1016 applies 527 1 Any income or gains of a charitable trust that is or are chargeable to income tax under or by virtue of any provision to…
Section 528 — Condition as to trading and miscellaneous incoming resources
Condition as to trading and miscellaneous incoming resources 528 1 The condition in this section is met in relation to a tax year if— a the sum of the charitable trust's trading incoming resources…
Section 529 — Exemption for profits from fund-raising events
Exemption for profits from fund-raising events 529 1 The profits of a trade carried on by a charitable trust are not taken into account in calculating total income so far as they arise from a…
Section 530 — Exemption for profits from lotteries
Exemption for profits from lotteries 530 1 The profits accruing to a charitable trust from a lottery are not taken into account in calculating total income if conditions A and B are met. 2 Condition…
Section 531 — Exemption for property income etc
Exemption for property income etc 531 1 Income which is chargeable to income tax under Part 2 of ITTOIA 2005 (trading income) as a result of section 261 of that Act is not taken into account in…
Section 532 — Exemption for savings and investment income
Exemption for savings and investment income 532 1 The income mentioned in subsection (2) is not taken into account in calculating total income if— a it is income of a charitable trust, or b it is…
Section 533 — Exemption for public revenue dividends
Exemption for public revenue dividends 533 1 Public revenue dividends on securities which are in the name of trustees are not taken into account in calculating total income so far as the dividends…
Section 534 — Exemption for transactions in deposits
Exemption for transactions in deposits 534 1 Profits or gains arising to a charitable trust from the disposal of exempt deposit rights are not taken into account in calculating total income. 2…
Section 535 — Exemption for offshore income gains
Exemption for offshore income gains 535 1 Offshore income gains accruing to a charitable trust are not taken into account in calculating total income. 2 Subsection (1) applies if the gain is…
Section 536 — Exemption for certain miscellaneous income
Exemption for certain miscellaneous income 536 1 The income mentioned in subsection (3) is not taken into account in calculating total income if— a it is income of a charitable trust, or b it is…
Section 537 — Exemption for income from estates in administration
Exemption for income from estates in administration 537 1 If the person liable under section 659 of ITTOIA 2005 for any income tax charged under section 649 of that Act (charge to tax on estate…
Section 538 — Requirement to make claim
Requirement to make claim 538 1 The exemptions under this Part require a claim. 2 Subsection (1) does not apply to an exemption under— a section 534 (exemption for transactions in deposits), or b…
Section 538A — Claims in relation to gift aid relief etc
Claims in relation to gift aid relief etc 538A A1 This section applies to claims for— a repayment of income tax treated as having been paid by virtue of section 520(4) (gift aid relief: income tax…
Section 539 — Restrictions on exemptions
Restrictions on exemptions 539 1 This section applies if a charitable trust has a non-exempt amount for a tax year (see section 540). 2 The exemptions under this Part do not apply, and are treated as…
Section 540 — The non-exempt amount
The non-exempt amount 540 1 A charitable trust has a non-exempt amount for a tax year if it has— a non-charitable expenditure for the tax year (amount A), and b attributable income and gains for the…
Section 541 — Attributing income to the non-exempt amount
Attributing income to the non-exempt amount 541 1 This section applies if a charitable trust has a non-exempt amount for a tax year. 2 Attributable income of the charitable trust for the tax year may…
Section 542 — How income is attributed to the non-exempt amount
How income is attributed to the non-exempt amount 542 1 This section is about the ways in which attributable income can be attributed to a non-exempt amount under section 541. 2 The trustees of the…
Section 543 — Meaning of “non-charitable expenditure”
Meaning of “non-charitable expenditure” 543 1 For the purposes of this Part a charitable trust's non-charitable expenditure for a tax year is— a any loss made in the tax year in a trade carried on by…
Section 544 — Section 543: supplementary
Section 543: supplementary 544 1 This section applies for the purposes of section 543. 2 For rules about the calculation of losses, see— a section 26 of ITTOIA 2005 (losses of a trade calculated on…
Section 545 — Section 543(1)(f): meaning of expenditure
Section 543(1)(f): meaning of expenditure 545 1 For the purposes of section 543(1)(f) “ expenditure ” includes expenditure of a capital nature. 2 None of the following is “expenditure” for those…