Meaning of “tax” etc and treatment of cases where tax charged at a nil rate
3In section 259BC (meaning of “ordinary income”), in subsection (3), for the words from “it is excluded” to the end substitute “—
(a)it is charged to the relevant tax at a nil rate, or
(b)it is excluded, reduced or offset by any exemption, exclusion, relief, or credit—
(i)that applies specifically to all or part of the amount of income (as opposed to ordinary income generally), or
(ii)that arises as a result of, or otherwise in connection with, a payment or quasi-payment that gives rise to the amount of income.”