Part 4Savings and investment income
C1C3C2Chapter 9Gains from contracts for life insurance etc.
Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)
Income tax treated as paid and reliefs
530Income tax treated as paid etc.
1
An individual or trustees who are liable for tax on an amount under this Chapter are treated as having paid income tax at the F3basic rate on that amount.
2
The income tax treated as paid under subsection (1) is not repayable.
3
The amount on which an individual is treated under subsection (1) as having paid income tax is reduced if subsection (4) applies.
4
This subsection applies if the individual's total income is reduced by any deductions which fall to be made F1at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability) from the part of the income charged to tax under this Chapter.
5
The reduction under subsection (3) is equal to the amount of those deductions.
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7
This section is subject to section 531.
Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))