Part 4

Savings and investment income
Chapter 9

Gains from contracts for life insurance etc.

Person liable etc.

Amounts for which individuals liable to be treated as highest part of total income
465A
1
This section applies if—
a
an individual is liable for tax under this Chapter in respect of an amount, and
b
the individual is treated by section 530 as having paid income tax at the
basic rate
on the amount.
2
The amount is treated as the highest part of the individual's total income.
3
Subsection (2) has effect for all income tax purposes except the purposes of sections 535 to 537 (gains from contracts for life insurance
etc
: top slicing relief).
4
See section 1012 of ITA 2007 (relationship between highest part rules) for the relationship between—
a
the rule in subsection (2), and
b
other rules requiring particular income to be treated as the highest part of a person's total income.
S. 465A inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 529 (with transitional provisions and savings in Sch. 2)
Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)
Words in s. 465A(1)(b) substituted (with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 51
Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)