Part 15Deduction of income tax at source
Chapter 18Other regimes involving the deduction of income tax at source
Visiting performers
967Calculation of sums representing income tax
1
The sums representing income tax mentioned in section 966(3) and (4) are to be calculated in accordance with prescribed rules.
2
But the sums must not exceed the relevant proportion of the payment concerned or of the value of what is transferred.
“Relevant proportion” means a proportion equal to the basic rate of income tax for the tax year in which the payment or transfer is made.
3
Regulations made by the Treasury may provide, in relation to a transfer to which section 966 applies, that for the purposes of the Tax Acts the value of what is transferred is to be calculated in accordance with prescribed rules.
4
In particular, rules may include provision—
a
for the calculation of an amount representing the actual value of what is transferred,
b
for that amount to be treated as a net amount corresponding to a gross amount from which income tax at the basic rate has been deducted, and
c
for the gross amount to be taken to be the value of what is transferred.