Part 4

Savings and investment income
Chapter 9

Gains from contracts for life insurance etc.

Reductions from gains

Reduction for sums taken into account otherwise than under Chapter 9
527
1
This section applies if the whole or part of any receipt or other credit item is taken into account in calculating both—
a
the amount of a gain treated as arising under this Chapter, and
b
an amount on which income tax is charged otherwise than under this Chapter or on which corporation tax is charged.
2
The amount of the gain on which tax is charged under this Chapter is reduced by so much of the amount of that receipt or other credit item as is taken into account in both those calculations.
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)
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)