The Tax Credits (Definition and Calculation of Income) Regulations 2002

Claimants treated for any purpose as having income by virtue of the Income Tax Acts U.K.

14.—(1) If an amount is treated for any purpose as the claimant’s income under any provision mentioned in paragraph (2), he is to be treated as having that amount of income.

(2) The provisions mentioned in paragraph (1) are—

(a) the following provisions of the Taxes Act—

F1 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (v) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (vi) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (vii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (viii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ix) section 714 (transfers of securities: treatment of deemed sums and reliefs) M1 or 716 (transfer of unrealised interest);

(x) section 730 (transfer of income arising from securities) M2 ;

(xi) section 730A (treatment of price differential on sale and repurchase of securities) M3 ;

(xii) section 739 (prevention of avoidance of income tax) M4 ;

(xiii) section 740 (liability of non-transferors) M5 ;

(xiv) section 761 (charge to income tax of offshore income gain) M6 ; and

(xv) section 776 (transactions in land: taxation of chargeable gains) M7 ; and

[F2 (b) the following provisions of ITTOIA—

(i) sections 277 to 283 (amounts treated as receipts: leases);

(ii) Chapter 5 of Part 4 (stock dividends from UK resident companies);

(iii) Chapter 6 of Part 4 (release of loan to participator in close company);

(iv) section 427 (charge to tax on profits from deeply discounted securities);

(v) Chapter 11 of Part 4 (transactions in deposits);

(vi) sections 624 to 628 (income treated as income of settlor: retained interests);

(vii) sections 629 to 632 (income treated as income of settlor: unmarried children);

(viii) section 633 (capital sums paid to settlor by trustees of settlement);

(ix) section 641 (capital sums paid to settlor by body connected with settlement);

(x) section 652 (estate income: absolute interests in residue); and

(xi) sections 654 to 655 (estate income: interests in residue); and

(c) section 84 and Schedule 15 to the Finance Act 2004 (charge to income tax by reference to enjoyment of property previously owned).]

Textual Amendments

F1 Reg. 14(2)(a)(i)-(viii) omitted (6.4.2006) by virtue of The Tax Credits (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/766), regs. 1, 17(2)

F2 Reg. 14(2)(b)(c) substituted for reg. 14(2)(b) (6.4.2006) by The Tax Credits (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/766), regs. 1, 17(3)

Marginal Citations

M1 Section 714 was amended by Part 5(3) of Schedule 41 to the Finance Act 1996.

M2 Section 730 was amended by paragraph 23 of Schedule 7 to the Finance Act 1996.

M3 Section 730A was inserted by section 80(1) of the Finance Act 1995 and amended by paragraph 37 of Schedule 14 to the Finance Act 1996.

M4 Section 739 was amended by section 81 of the Finance Act 1997 (c.16).

M5 Section 740 was amended by paragraph 6 of Schedule 26 to the Finance Act 2000.

M6 Section 761 was amended by paragraph 11 of Schedule 14 to the Finance Act 1990 (c.29) and paragraph 14(47) of Schedule 10, and Schedule 12, to the Taxation of Chargeable Gains Act 1992.

M7 Section 776 was amended by paragraph 14(50) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 and section 46(3) of, and paragraph 1 of Schedule 7 to, the Finance Act 1998.