Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 837E — Allowable deductions
Allowable deductions 837E 1 In calculating the amount on which income tax is charged under this Chapter for a tax year, deductions are allowed in accordance with this section from the amount which…
Section 837F — Election to carry back
Election to carry back 837F 1 This section applies if a winding up receipt arising from the deposit-taking trade is received in a tax year beginning no later than 6 years after the company…
Section 837G — Relationship of Chapter with other income tax provisions
Relationship of Chapter with other income tax provisions 837G If a winding up receipt arising from the deposit-taking trade is chargeable to income tax under this Chapter it is not chargeable to…
Section 837H — Interpretation of Chapter
Interpretation of Chapter 837H 1 This section applies for the purposes of this Chapter. 2 There is the permanent cessation of a company's trade if— a the company ceases to carry on the trade, or b…
Section 838 — Local authorities and local authority associations
Local authorities and local authority associations 838 1 A local authority in the United Kingdom is not liable to income tax in respect of its income. 2 A local authority association in the United…
Section 838A — Asbestos compensation settlements
Asbestos compensation settlements 838A 1 The trustees of an asbestos compensation settlement are not liable to income tax in respect of the income of the trustees. 2 In this section “ asbestos…
Section 839 — Issue departments of the Reserve Bank of India and the State Bank of Pakistan
Issue departments of the Reserve Bank of India and the State Bank of Pakistan 839 No liability to income tax arises in respect of the income of the issue department of— a the Reserve Bank of India…
Section 840 — Government securities held by non-UK resident central banks
Government securities held by non-UK resident central banks 840 1 No liability to income tax arises in respect of income from securities which is— a income payable out of the public revenue of the…
Section 841 — Official agents of Commonwealth countries etc
Official agents of Commonwealth countries etc 841 1 This section applies if an individual is employed in the United Kingdom as an official agent for— a a country mentioned in Schedule 3 to the…
Section 842 — UK Economic Interest Groupings and European Economic Interest Groupings
UK Economic Interest Groupings and European Economic Interest Groupings 842 1 The following rules about UK Economic Interest Groupings and European Economic Interest Groupings apply for the purposes…
Section 843 — Restriction of deductions for annual payments
Restriction of deductions for annual payments 843 In calculating a person's income from any source, no deduction is allowed for an annual payment to which section 904 applies (annual payments for…
Section 844 — Letters patent etc: exempting provisions
Letters patent etc: exempting provisions 844 1 No provision in letters patent granted by the Crown is to be construed as conferring exemption from income tax. 2 Subsection (1) applies whether the…
Section 845 — Extra return to be treated as interest etc
Extra return to be treated as interest etc 845 1 This section applies if— a securities (“old securities”) of a particular kind are issued by way of an original issue of securities of that kind, b on…
Section 846 — Interpretation of section 845
Interpretation of section 845 846 1 This section applies for the purposes of section 845. 2 Securities are of the same kind if they— a are treated as being of the same kind by the practice of a…
Section 847 — Overview of Part
Overview of Part 847 1 This Part deals with deduction of income tax at source. 2 The following Chapters contain duties to deduct sums representing income tax from certain payments— a . . . . . . . .…
Section 848 — Income tax deducted at source treated as income tax paid by recipient
Income tax deducted at source treated as income tax paid by recipient 848 1 A sum representing income tax which is deducted (or treated as deducted) under this Part from a payment is treated as…
Section 849 — Interaction with other Income Tax Acts provisions
Interaction with other Income Tax Acts provisions 849 1 Regulations made under section 7 of TIOPA 2010 (double taxation arrangements: general regulations) make provision disapplying or otherwise…
Section 850 — Overview of Chapter
Overview of Chapter 850 1 This Chapter has effect for the purposes of section 876 (duty under section 874 to deduct tax from payments of yearly interest: exception for deposit-takers). 2 . . . . . .…
Section 851 — Duty to deduct sums representing income tax
Duty to deduct sums representing income tax 851 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 852 — Power to make regulations disapplying section 851
Power to make regulations disapplying section 851 852 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 853 — Meaning of “deposit-taker”
Meaning of “deposit-taker” 853 1 In this Chapter and section 876 “ deposit-taker ” means— a the Bank of England, or b a person to whom one of the following subsections or section 854 applies. 2 This…
Section 854 — Power to prescribe persons as deposit-takers
Power to prescribe persons as deposit-takers 854 1 This section applies to a person who receives deposits in the course of carrying on business or activities and— a is for the time being prescribed…
Section 855 — Meaning of “investment” and “deposit”
Meaning of “investment” and “deposit” 855 1 In this Chapter, and section 876, “ investment ” means a deposit with a deposit-taker. 2 In this Chapter “ deposit ” means a sum of money paid on terms…
Section 856 — Investments which are relevant investments
Investments which are relevant investments 856 1 An investment is a relevant investment for the purposes of section 876 if it meets— a the individual interest condition (see subsection (3)), b the…
Section 857 — Investments to be treated as being or as not being relevant investments
Investments to be treated as being or as not being relevant investments 857 1 A deposit-taker ... must treat every investment with it as a relevant investment unless satisfied that the investment is…
Section 858 — Declarations of non-UK residence: individuals
Declarations of non-UK residence: individuals 858 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 859 — Declarations of non-UK residence: Scottish partnerships
Declarations of non-UK residence: Scottish partnerships 859 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 860 — Declarations of non-UK residence: personal representatives
Declarations of non-UK residence: personal representatives 860 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 861 — Declarations of non-UK residence: settlements
Declarations of non-UK residence: settlements 861 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 862 — Inspection of declarations
Inspection of declarations 862 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 863 — General client account deposits
General client account deposits 863 1 An investment is not a relevant investment if it is a general client account deposit. 2 An investment is a general client account deposit for the purposes of…
Section 864 — Qualifying uncertificated eligible debt security units
Qualifying uncertificated eligible debt security units 864 An investment is not a relevant investment if it is a deposit in respect of which a deposit-taker ... has issued a qualifying uncertificated…
Section 865 — Qualifying certificates of deposit
Qualifying certificates of deposit 865 An investment is not a relevant investment if it is a deposit in respect of which a deposit-taker ... has issued a qualifying certificate of deposit (see…
Section 866 — Qualifying time deposits
Qualifying time deposits 866 1 An investment is not a relevant investment if it is a qualifying time deposit made before 6 April 2012 . 2 An investment is a qualifying time deposit for the purposes…
Section 867 — Lloyd's premium trust funds
Lloyd's premium trust funds 867 1 An investment is not a relevant investment if it forms part of a premium trust fund of an underwriting or former underwriting member of Lloyd's. 2 In this section “…
Section 868 — Investments held outside the United Kingdom
Investments held outside the United Kingdom 868 1 An investment with a deposit-taker is not a relevant investment if— a the deposit-taker is UK resident for income tax purposes or corporation tax…
Section 869 — Sale and repurchase of securities
Sale and repurchase of securities 869 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 870 — Other investments
Other investments 870 1 An investment with a deposit-taker is not a relevant investment if— a it is a loan made by a deposit-taker in the ordinary course of its business or activities, b it is a debt…
Section 871 — Power to make regulations to give effect to Chapter
Power to make regulations to give effect to Chapter 871 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 872 — Power to make orders amending Chapter
Power to make orders amending Chapter 872 1 The Treasury may by order amend this Chapter for the purposes of providing that investments of a kind specified in the order are, or are not, relevant…
Section 873 — Discretionary or accumulation settlements
Discretionary or accumulation settlements 873 1 A settlement is a discretionary or accumulation settlement for the purposes of this Chapter if any income arising to the trustees would (unless treated…
Section 874 — Duty to deduct from certain payments of yearly interest
Duty to deduct from certain payments of yearly interest 874 1 This section applies if a payment of yearly interest arising in the United Kingdom is made— a by a company, b by a local authority, c by…
Section 875 — Interest paid by building societies
Interest paid by building societies 875 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a building society unless it is treated as a…
Section 876 — Interest paid by deposit-takers
Interest paid by deposit-takers 876 1 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on an investment if— a the payment is made by a…
Section 877 — UK public revenue dividends
UK public revenue dividends 877 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest that is a UK public revenue dividend (as defined by section…
Section 878 — Interest paid by banks
Interest paid by banks 878 1 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a bank if that payment is made in the ordinary course…
Section 879 — Interest paid on advances from banks
Interest paid on advances from banks 879 1 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on an advance from a bank if, at the time when…
Section 880 — Interest paid on advances from building societies
Interest paid on advances from building societies 880 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on an advance from a building society.
Section 881 — National Savings Bank interest
National Savings Bank interest 881 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on deposits with the National Savings Bank.
Section 882 — Quoted Eurobond interest
Quoted Eurobond interest 882 The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on a quoted Eurobond (see section 987).