Section 411: Income charged
1660.This section sets out the amount charged to tax and is based on section 249(4) and (6) of ICTA.
1661.Subsection (2) defines the amount charged to tax. It is the cash equivalent of the stock dividends issued (see section 412) grossed up at the dividend ordinary rate (the Schedule F ordinary rate in the source legislation). For the meaning of “grossing up” see section 877 and the commentary on that section.