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Income Tax (Trading and Other Income) Act 2005
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416Income charged
This section has no associated Explanatory Notes
(1)Tax is charged under this Chapter on the gross amount of the debt released or written off in the tax year.
(2)The “gross amount” is the amount released or written off, grossed up by reference to the dividend ordinary rate for that year.
(3)For the purposes of calculating the total income of the person liable for the tax, the amount charged is treated as income.
(4)This section is subject to section 418 (relief where borrowers liable as settlors).
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