Income Tax (Trading and Other Income) Act 2005 (c. 5)

Valid from 06/04/2005

Part 5 U.K. Miscellaneous income

Chapter 8 U.K. Income not otherwise charged

687 Charge to tax on income not otherwise charged U.K.

(1) Income tax is charged under this Chapter on income from any source that is not charged to income tax under or as a result of any other provision of this Act or any other Act.

(2) Subsection (1) does not apply to annual payments.

(3) Subsection (1) does not apply to income that would be charged to income tax under or as a result of another provision but for an exemption.

(4) The definition of “income” in section 878(1) does not apply for the purposes of this section.

(5) For exemptions from the charge under this Chapter, see in particular—

• section 768 (commercial occupation of woodlands), and

• section 779 (gains on commodity and financial futures).

688 Income charged U.K.

(1) Tax is charged under this Chapter on the full amount of the income arising in the tax year.

(2) Subsection (1) is subject to—

(a) Chapter 1 of Part 7 (which provides relief on income from the use of furnished accommodation in an individual's only or main residence: see, in particular, sections 794 and 798),

(b) Chapter 2 of that Part (which provides relief on income from the provision by an individual of foster care: see, in particular, sections 814 and 817), and

(c) Part 8 (foreign income: special rules).

689 Person liable U.K.

The person liable for any tax charged under this Chapter is the person receiving or entitled to the income.