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Income Tax Act 2007

Section 820: Meaning of “qualifying period”

2420.This section defines the term “qualifying period”. It is based on section 127(7) of FA 1995 and paragraph 4(2) of Schedule 26 to FA 2003.

2421.Subsection (2), based on section 127(7) of FA 1995, makes use of the term “transaction income”, defined in section 814(5), in substitution for the term “taxable sums” in the source legislation. “Taxable sums” includes not only income but also chargeable gains, but in this context a reference to chargeable gains is otiose and has been omitted.

2422.Subsection (3), based on paragraph 4(2) of Schedule 26 to FA 2003, makes explicit that the accounting period referred to is that of the non‑UK resident company.

2423.The separate definitions in subsections (2) and (3) preserve the difference between their respective source provisions and ensure that those subsections remain in line with those provisions as they continue to apply for the purposes of section 126 of FA 1995 and section 148 of FA 2003 respectively.

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