http://www.legislation.gov.uk/ukpga/2005/5/section/486/notesIncome taxTaxLegal servicesLegislationIncomeExplanatory Notes to Income Tax (Trading and Other Income) Act 2005Inland RevenueKing's Printer of Acts of Parliament2020-04-20
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2005/5" id="c00001" Class="UnitedKingdomPublicGeneralAct" Year="2005" Number="0005">Income Tax (Trading and Other Income) Act 2005</Citation>
5
24 March 2005
Commentary on Sections<CitationSubRef id="c01946" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/part/4" CitationRef="c00001" SectionRef="part-4">Part 4</CitationSubRef>: Savings and investment income<CitationSubRef id="c02537" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/part/4/chapter/9" CitationRef="c01946" SectionRef="part-4-chapter-9">Chapter 9</CitationSubRef>: Gains from contracts for life insurance etc.
<CitationSubRef id="c02654" URI="http://www.legislation.gov.uk/id/ukpga/2005/5/section/486" CitationRef="c00001" SectionRef="section-486">Section 486</CitationSubRef>: Exclusion of maturity of capital redemption policies in certain circumstances
1931
This section is based on section 545(1) of ICTA. The source legislation refers in part to “annual payments chargeable to tax under Schedule D”. The income tax charge on such income is rewritten in the Chapters listed in the section. The corporation tax charge on such income is still under Schedule D.