Income Tax Act 2007

900 Deduction from commercial payments made by individuals U.K.

(1) This section applies to any payment made in a tax year if—

(a) it is a qualifying annual payment,

(b) the person who makes it is an individual, and

(c) it is made for genuine commercial reasons in connection with the individual's trade, profession or vocation.

(2) The individual must, on making the payment, deduct from it a sum representing income tax on it at the basic rate in force for the tax year.

(3) Income tax equal to the sum required to be deducted is to be collected through the individual's self-assessment return (see Chapter 17).

Modifications etc. (not altering text)

C1 S. 900 excluded (1.1.2011) by The London Olympic Games and Paralympic Games Tax Regulations 2010 (S.I. 2010/2913), regs. 1, 3(3) (with regs. 9, 11)

C2 Ss. 900, 901 applied by S.I. 2009/3001, reg. 124B(2) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013 (S.I. 2013/1770), regs. 1(1), 2(3))

C3 Ss. 900, 901 applied by S.I. 2006/964, reg. 46B(2) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2013 (S.I. 2013/1772), regs. 1(1), 2(2))