Income Tax Act 2007

General regulation-making powers

586 Powers about administrative provisions

(1) The Treasury may by regulations make provision about—

(a) the accounts and other records which are to be kept,

(b) the vouchers which are to be issued or produced,

(c) the returns which are to be made, and

(d) the manner in which amounts required to be deducted, or accounted for and paid, on account of income tax as a result of this Chapter or Chapter 9 of Part 15 are to be accounted for and paid,

by payers or recipients of manufactured dividends, manufactured interest or manufactured overseas dividends.

(2) Regulations under this Chapter or Chapter 9 of Part 15 about any liability to account for income tax may contain any of the following—

(a) provision for calculating the amounts to be accounted for,

(b) provision, in relation to deciding the amount to be paid on any occasion, for setting other amounts against the amounts to be accounted for,

(c) provision as to the liabilities against which amounts accounted for are, or are not, to be set for income tax purposes or corporation tax purposes,

(d) provision modifying, or applying (with or without modifications), any enactments contained in the Tax Acts.

(3) The Treasury may by regulations provide for prescribed provisions of TMA 1970 to apply for income tax purposes in relation to—

(a) manufactured dividends,

(b) manufactured interest, or

(c) manufactured overseas dividends,

with such modifications, specified in the regulations, as the Treasury consider appropriate.

(4) The Treasury may by regulations make further provision about the administration, assessment, collection and recovery of amounts required to be deducted, or accounted for and paid, on account of income tax as a result of—

(a) this Chapter, or

(b) Chapter 9 of Part 15.

587 Power for manufactured payments to be eligible for relief

(1) The Treasury may by regulations provide for any—

(a) manufactured dividend,

(b) manufactured interest, or

(c) manufactured overseas dividend,

paid to any person to be treated, in such circumstances and to such extent as may be prescribed in the regulations, as exempt pension income of the recipient.

(2) “Exempt pension income” means income which is eligible for relief from income tax as a result of section 613(4) or 614(2), (3) or (4) of ICTA or section 186 of FA 2004 (exemptions about pensions and annuities).

588 Regulation-making powers: general

Regulations under this Chapter may make different provision for different cases.