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Income Tax Act 2007

▸ Part 1 – Overview (ss 1-2)
  • Section 1 – Overview of Income Tax Acts [ITA 2007 s 1]
  • Section 2 – Overview of Act [ITA 2007 s 2]
▸ Part 2 – Basic provisions (ss 3-32)
  • ▸ Chapter 1 – Charges to income tax (ss 3-5)
    • Section 3 – Overview of charges to income tax [ITA 2007 s 3]
    • Section 4 – Income tax an annual tax [ITA 2007 s 4]
    • Section 5 – Income tax and companies [ITA 2007 s 5]
  • ▸ Chapter 2 – Rates at which income tax is charged (ss 6-21)
    • The rates (ss 6-9)
    • Income charged at particular rates (ss 10-19)
    • Starting rate limit and basic rate limit (ss 20-21)
  • ▸ Chapter 3 – Calculation of income tax liability (ss 22-32)
    • Section 22 – Overview of Chapter [ITA 2007 s 22]
    • Section 23 – The calculation of income tax liability [ITA 2007 s 23]
    • Section 24 – Reliefs deductible at Step 2 [ITA 2007 s 24]
    • Section 24A – Limit on Step 2 deductions [ITA 2007 s 24A]
    • Section 24B – Calculation of net income at Step 2 for low income estates and trusts [ITA 2007 s 24B]
    • Section 25 – Reliefs and allowances deductible at Steps 2 and 3: supplementary [ITA 2007 s 25]
    • Section 26 – Tax reductions [ITA 2007 s 26]
    • Section 27 – Order of deducting tax reductions: individuals [ITA 2007 s 27]
    • Section 28 – Order of deducting tax reductions: other persons [ITA 2007 s 28]
    • Section 29 – Tax reductions: supplementary [ITA 2007 s 29]
    • Section 30 – Additional tax [ITA 2007 s 30]
    • Section 31 – Total income: supplementary [ITA 2007 s 31]
    • Section 32 – Liability not dealt with in the calculation [ITA 2007 s 32]
▸ Part 3 – Personal reliefs (ss 33-58)
  • ▸ Chapter 1 – Introduction (ss 33)
    • Section 33 – Overview of Part [ITA 2007 s 33]
  • ▸ Chapter 2 – Personal allowance and blind person’s allowance (ss 34-41)
    • Introduction (s 34)
    • Personal allowances (ss 35-37)
    • Blind person's allowance (ss 38-40)
    • Supplementary (s 41)
  • ▸ Chapter 3 – Tax reductions for married couples and civil partners: persons born before 6 April 1935 (ss 42-55)
    • Introduction (ss 42-44)
    • Married couple's allowance (ss 45-46)
    • Elections to transfer relief (ss 47-50)
    • Transfer of unused relief (ss 51-53)
    • Supplementary (ss 54-55)
  • ▸ Chapter 3A – Transferable Tax Allowance for married couples and civil partners (ss 55A-55E)
    • Section 55A – Tax reduction under Chapter [ITA 2007 s 55A]
    • Section 55B – Tax reduction entitlement [ITA 2007 s 55B]
    • Section 55C – Election to reduce personal allowance [ITA 2007 s 55C]
    • Section 55D – Procedure for election under 55C [ITA 2007 s 55C]
    • Section 55E – Limitation on number of tax reductions and elections [ITA 2007 s 55E]
  • ▸ Chapter 4 – General (ss 56-58)
    • Section 56 – Residence etc. of claimants [ITA 2007 s 56]
    • Section 57 – Indexation of allowances [ITA 2007 s 57]
    • Section 57A – Personal allowance linked to national minimum wage [ITA 2007 s 57A]
    • Section 58 – Meaning of “adjusted net income” [ITA 2007 s 58]
▸ Part 4 – Loss relief (ss 59-155)
  • ▸ Chapter 1 – Introduction (ss 59)
    • Section 59 – Overview of Part [ITA 2007 s 59]
  • ▸ Chapter 2 – Trade losses (ss 60-101)
    • Introduction (ss 60-63)
    • Trade loss relief against general income (ss 64-65)
    • Restriction on relief for uncommercial trades (s 66)
    • Restriction on relief for “hobby” farming or market gardening (ss 67-70)
    • Use of trading loss as CGT loss (s 71)
    • Early trade losses relief (ss 72-74)
    • General restrictions on sideways relief and capital gains relief (ss 74ZA-74D)
    • Restriction on sideways relief and capital gains relief where cash basis applies (s 74E)
    • Restrictions on sideways relief for certain capital allowances (ss 75-79)
    • Restriction on sideways relief for specific trades (ss 80-82)
    • Carry-forward trade loss relief (ss 83-88)
    • Terminal trade loss relief (ss 89-94)
    • Wholly foreign trades (s 95)
    • Post-cessation trade relief (ss 96-101)
  • ▸ Chapter 3 – Restrictions on trade loss relief for certain partners (ss 102-116A)
    • Introduction (ss 102-103B)
    • Limit on amount of sideways relief and capital gains relief (ss 103C-103D)
    • Limited partners (ss 104-106)
    • Members of LLPs (ss 107-109)
    • Non-active members of LLPs or other partnerships (apart from limited partnerships) (ss 110-113)
    • Exclusion of amounts in calculating contribution to the firm or LLP (ss 113A-114)
    • Restrictions for film trades carried on in partnership (ss 115-116)
    • Partnerships with mixed membership etc. (s 116A)
  • ▸ Chapter 4 – Losses from property businesses (ss 117-127ZA)
    • Introduction (s 117)
    • Carry-forward property loss relief (ss 118-119)
    • Property loss relief against general income (ss 120-124)
    • Post-cessation property relief (ss125-126)
    • ...
    • Restrictions on relief (ss 127A-127C)
  • ▸ Chapter 5 – Losses in an employment or office (ss 128-130)
    • Section 128 – Employment loss relief against general income [ITA 2007 s 128]
    • Section 129 – How relief works [ITA 2007 s 129]
    • Section 130 – Treating loss in employment or office as CGT loss [ITA 2007 s 130]
  • ▸ Chapter 6 – Losses on disposal of shares (ss 131-151)
    • Share loss relief against general income (ss 131-133)
    • Shares to which EIS relief is not attributable (ss 134-136)
    • Qualifying trading companies: the requirements (ss 137-144)
    • Qualifying trading companies: supplementary (ss 145-146)
    • Limits on share loss relief and mixed holdings (ss 147-149)
    • Miscellaneous and supplementary (ss 150-151)
  • ▸ Chapter 7 – Losses from miscellaneous transactions (ss 152-155)
    • Loss relief against miscellaneous income (ss 152-153)
    • Deposit rights (s 154)
    • Supplementary (ss 154A-155)
▸ Part 5 – Enterprise investment scheme (ss 156-257)
  • ▸ Chapter 1 – Introduction (ss 156-161)
    • EIS relief (ss 156-158)
    • Miscellaneous (ss 159-161)
  • ▸ Chapter 2 – The investor (ss 162-169)
    • Introduction (s162)
    • The requirements (ss 163-165)
    • Meaning of connection with issuing company (ss 166-171)
  • ▸ Chapter 3 – General requirements (ss 172-179)
    • Introduction (s 172)
    • The requirements (ss 173-178A)
    • Meaning of “qualifying business activity” (s 179)
  • ▸ Chapter 4 – The issuing company (ss 180-200)
    • Introduction (s 180)
    • The requirements (ss 180A-188)
    • Definitions (ss 189-191A)
    • Excluded activities (ss 192-199)
    • Supplementary (s 200)
  • ▸ Chapter 5 – Attribution of and claims for EIS relief (ss 201-207)
    • Attribution (s 201)
    • Claims: general (ss 202-203)
    • Claims: supporting documents (ss 204-207)
  • ▸ Chapter 6 – Withdrawal or reduction of EIS relief (ss 208-234)
    • Introduction (s 208)
    • Disposals (ss 209-212)
    • Value received by investor (ss 213-223)
    • Repayments etc of share capital to other persons (ss 224-231)
    • Miscellaneous (ss 232-234)
  • ▸ Chapter 7 – Withdrawal or reduction of EIS relief: procedure (ss 235-244)
    • Assessments and appeals (ss 235-238)
    • Interest (s 239)
    • Information (ss 240-244)
  • ▸ Chapter 8 – Supplementary and general (ss 245-257)
    • Disposals of shares (ss 245-246)
    • Acquisition of issuing company (ss 247-249)
    • Nominees etc. (ss 250-251)
    • Powers to amend (s 251A)
    • Interpretation (ss 252-257)
▸ Part 5A – Seed enterprise investment scheme (ss 257A-257HJ)
  • ▸ Chapter 1 – Introduction (ss 257A-257AE)
    • SEIS relief (ss 257A-257AB)
    • Miscellaneous (ss 257AC-257AE)
  • ▸ Chapter 2 – The investor (ss 257B-257BF)
    • Introduction (s 257B)
    • The requirements (ss 257BA-257BE)
    • Meaning of substantial interest in a company (s 257BF)
  • ▸ Chapter 3 – General requirements (ss 257C-257CF)
    • Introduction (s 257C)
    • The requirements (ss 257CA-257CF)
  • ▸ Chapter 4 – The issuing company (ss 257D-257DN)
    • Introduction (s 257D)
    • The requirements (ss 257DA-257DN)
  • ▸ Chapter 5 – Attribution and claims for SEIS relief (ss 257E-257EG)
    • Attribution (s 257E)
    • Claims: general (ss 257EA-257EB)
    • Claims: supporting documents (ss 257EC-257EG)
  • ▸ Chapter 6 – Withdrawal or reduction of SEIS relief (ss 257F-257FR)
    • Introduction (ss 257F-257FD)
    • Value received by investor (ss 257FE-257FO)
    • Miscellaneous (ss 257FP-257FR)
  • ▸ Chapter 7 – Withdrawal or reduction of SEIS relief: procedure (ss 257G-257GI)
    • Assessments and appeals (ss 257G-257GC)
    • Interest (s 257GD)
    • Information (ss 257GE-257GI)
  • ▸ Chapter 8 – Supplementary and General (ss 257H-257HJ)
    • Disposals of shares (s 257H-257HA)
    • Acquisition of issuing company (257HB-257HD)
    • Nominees etc. (s 257HE)
    • Interpretation (ss 257HF-257HJ)
▸ Part 5B – Tax relief for social investments (ss 257J-257TE)
  • ▸ Chapter 1 – Introduction (ss 257J-257JH)
    • Section 257J – Meaning of "SI relief" and "social enterprise" [ITA 2007 s 257J]
    • Section 257JA – Form and amount of relief [ITA 2007 s 257JA]
    • Section 257JB – Meaning of “community benefit society” [ITA 2007 s 257JB]
    • Section 257JC – Charities that are trusts [ITA 2007 s 257JC]
    • Section 257JD – Accreditation as a social impact contractor [ITA 2007 s 257JD]
    • Section 257JE – Meaning of “social impact contract” [ITA 2007 s 257JE]
    • Section 257JF – Accreditations: supplementary provisions [ITA 2007 s 257JF]
    • Section 257JG – Period of accreditation as a social impact contractor [ITA 2007 s 257JG]
    • Section 257JH – Functions of Ministers of the Crown under sections 257JD to 257JG [ITA 2007 s 257JH]
  • ▸ Chapter 2 – Eligibility for relief: basic rule and key definitions (ss 257K-257KA)
    • Eligibility (s 257K)
    • Key definitions (ss 257KA-257KC)
  • ▸ Chapter 3 – Eligibility: conditions relating to the investor and the investment (ss 257L-257LH)
    • Section 257L – Investment to be in new shares or new qualifying debt investments [ITA 2007 s 257L]
    • Section 257LA – Condition that the amount invested must have been paid over [ITA 2007 s 257LA]
    • Section 257LB – The no pre-arranged exits requirements [ITA 2007 s 257LB]
    • Section 257LC – The no risk avoidance requirement [ITA 2007 s 257LC]
    • Section 257LD – The no linked loans requirement [ITA 2007 s 257LD]
    • Section 357LDA – The existing investments requirement [ITA 2007 s 257LDA]
    • Section 257LE – The no tax avoidance requirement [ITA 2007 s 257LE]
    • Section 257LEA – The no disqualifying arrangements requirement [ITA 2007 s 257LEA]
    • Section 257LF – Restrictions on being an employee, partner or paid director [ITA 2007 s 257LF]
    • Section 257LG – The requirement not to be interested in capital etc of social enterprise [ITA 2007 s 257LG]
    • Section 257LH – Requirement for no collusion with a non-qualifying investor [ITA 2007 s 257LH]
  • ▸ Chapter 4 – Eligibility: conditions relating to the social enterprise (ss 257M-257MV)
    • Conditions relating to the social enterprise: general (ss 257M-257MN)
    • Limits on amounts that may be invested (ss 257MNA-257MNE)
    • Interpretation of conditions relating to the social enterprise (ss 257MP-257MW)
  • ▸ Chapter 5 – Attribution of relief (ss 257N)
    • Section 257N – Attribution of SI relief to investments [ITA 2007 s 257N]
  • ▸ Chapter 6 – Claims for relief (ss 257P-257PE)
    • Section 257P – Time for making claims for SI relief [ITA 2007 s 257P]
    • Section 257PA – Entitlement to claim [ITA 2007 s 257PA]
    • Section 257PB – Compliance statements [ITA 2007 s 257PB]
    • Section 257PC – Compliance certificates [ITA 2007 s 257PC]
    • Section 257PD – Penalties for fraudulent certificate or statement etc [ITA 2007 s 257PD]
    • Section 257PE – Power to amend Chapter [ITA 2007 s 257PE]
  • ▸ Chapter 7 – Withdrawal or reduction of SI relief (ss 257Q-257RC)
    • Value received by the investor (ss 257Q-257QI)
    • Repayments etc of investments to other persons (ss 257QJ-257QP)
    • Miscellaneous (ss 257QQ-257QS)
    • Disposals (ss 257R-257RC)
  • ▸ Chapter 8 – Withdrawal or reduction of SI relief: procedure (ss 257S-257SI)
    • Assessments and appeals (ss 257S-257SC)
    • Interest (s 257SD)
    • Information (ss 257SE-257SI)
  • ▸ Chapter 9 – Miscellaneous and supplementary provisions (ss 257T-257TE)
    • Section 257T – Transfers between spouses or civil partners [ITA 2007 s 257T]
    • Section 257TA – Identification of investments on a disposal [ITA 2007 s 257TA]
    • Section 257TB – Meaning of a company being “in administration” or “in receivership” [ITA 2007 s 257TB]
    • Section 257TC – Meaning of “associate” [ITA 2007 s 257TC]
    • Section 257TD – Meaning of “control” [ITA 2007 s 257TD]
    • Section 257TE – Minor definitions etc [ITA 2007 s 257TE]
▸ Part 6 – Venture capital trusts (ss 258-332)
  • ▸ Chapter 1 – Introduction (ss 258-260)
    • Section 258 – Overview of Part [ITA 2007 s 258]
    • Section 259 – Venture capital trusts and VCT approvals [ITA 2007 s 259]
    • Section 260 – Other tax reliefs relating to VCTs [ITA 2007 s 260]
  • ▸ Chapter 2 – VCT relief (ss 261-273)
    • Entitlement to relief (ss 261-265)
    • Loss of relief (ss 266-270)
    • Supplementary (ss 271-273)
  • ▸ Chapter 3 – VCT approvals (ss 274-285)
    • Giving of approval (ss 274-280D)
    • Withdrawal of approval (ss 281-282)
    • Supplementary (ss 283-285)
  • ▸ Chapter 4 – Qualifying holdings (ss 286-313)
    • Introduction (s 286)
    • The requirements (ss 286ZA-299A)
    • Definitions (ss 300-302A)
    • Excluded activities (ss 303-310)
    • Supplementary (ss 311-313)
  • ▸ Chapter 5 – Powers: winding up and mergers of VCTs (ss 314-425)
    • Winding up (ss 314-320)
    • Mergers (ss 321-323)
    • Supplementary (ss 324-325)
  • ▸ Chapter 6 – Supplementary and general (ss 326-332)
    • Acquisitions for restructuring purposes (ss 326-328)
    • Conversion of shares etc and company reorganisations (ss 329-330)
    • Nominees (s 330A)
    • Power to amend Part (s 330B)
    • Supplementary (ss 331-332)
▸ Part 7 – Community investment tax relief (ss 333-382)
  • ▸ Chapter 1 – Introduction (ss 333-339)
    • CITR (ss 333-335A)
    • Miscellaneous (ss 336-339)
  • ▸ Chapter 2 – Accredited community development finance institutions (ss 340-343)
    • Section 340 – Application and criteria for accreditation [ITA 2007 s 340]
    • Section 341 – Terms and conditions of accreditation [ITA 2007 s 341]
    • Section 342 – Period of accreditation [ITA 2007 s 342]
    • Section 343 – Delegation of Secretary of State’s functions [ITA 2007 s 343]
  • ▸ Chapter 3 – Qualifying investments (ss 344-349)
    • Section 344 – Qualifying investments: introduction [ITA 2007 s 344]
    • Section 345 – Conditions to be met in relation to loans [ITA 2007 s 345]
    • Section 346 – Conditions to be met in relation to securities [ITA 2007 s 346]
    • Section 347 – Conditions to be met in relation to shares [ITA 2007 s 347]
    • Section 348 – Tax relief certificates [ITA 2007 s 348]
    • Section 349 – No pre-arranged protection against risks [ITA 2007 s 349]
  • ▸ Chapter 4 – General conditions (ss 350-353)
    • Section 350 – No control of CDFI by investor [ITA 2007 s 350]
    • Section 351 – Investor must have beneficial ownership [ITA 2007 s 351]
    • Section 352 – No acquisition of share in partnership [ITA 2007 s 352]
    • Section 353 – No tax avoidance purpose [ITA 2007 s 353]
  • ▸ Chapter 5 – Claims for and attribution of CITR (ss 354-358)
    • Claims (ss 354-356)
    • Attribution (ss 357-358)
  • ▸ Chapter 6 – Withdrawal or reduction of CITR (ss 359-372)
    • Introduction (s 359)
    • Disposals (ss 360-361)
    • Repayment of loans (s 362)
    • Receipts of value (ss 363-370)
    • CITR not due (s 371)
    • Manner of withdrawal or reduction (s 372)
  • ▸ Chapter 7 – Supplementary and general (ss 372A-382)
    • Alternative finance arrangements (ss 372A-372D)
    • Miscellaneous (ss 373-377)
    • Definitions (ss 378-382)
▸ Part 8 – Other reliefs (ss 383-461)
  • ▸ Chapter 1 – Interest payments (ss 383-412)
    • The relief: introduction (ss 383-387)
    • Loans for plant or machinery (ss 388-391)
    • Loans for interests in close companies etc. (ss 392-395)
    • Loans for interests in employee-controlled companies (ss 396-397)
    • Loans for investing in partnerships (ss 398-400)
    • Loans for investing in co-operatives (ss 401-402)
    • Loans for paying inheritance tax (ss 403-405)
    • General and supplementary (ss 406-412)
  • ▸ Chapter 1A – Irrecoverable peer-to-peer loans (ss 412A-412J)
    • The relief (ss 412A-412D)
    • Supplementary provisions (ss 412E-412H)
    • Interpretation (ss 412I-412J)
  • ▸ Chapter 2 – Gift aid (ss 413-430)
    • The relief (ss 413-417)
    • Restrictions on associated benefits (ss 418-419)
    • Admission rights (ss 420-421)
    • Disqualified overseas gifts (s 422)
    • Measures to ensure donor's liability not less than tax treated as deducted (ss 423-425)
    • Election to carry back relief (s 426)
    • Supplementary (ss 427-430)
  • ▸ Chapter 3 – Gifts of shares, securities and real property to charities etc. (ss 431-446)
    • Entitlement to relief (ss 431-433)
    • Amount of relief (ss 434-436)
    • Value of net benefit to charity (ss 437-440)
    • Special provisions about qualifying interests in land (ss 441-444)
    • Supplementary (ss 445-446)
  • ▸ Chapter 4 – Annual payments ... (ss 447-452)
    • Section 447 – Overview of Chapter [ITA 2007 s 447]
    • Section 448 – Relief for individuals [ITA 2007 s 448]
    • Section 449 – Relief for other persons [ITA 2007 s 449]
    • Section 450 – Other persons: payments ineligible for relief [ITA 2007 s 450]
    • Section 451 – Special rule for persons affected by section 733 of ICTA [ITA 2007 s 451]
    • Section 452 – The gross amount of a payment [ITA 2007 s 452]
  • ▸ Chapter 5 – Qualifying maintenance payments (ss 453-456)
    • Section 453 – Tax reduction for qualifying maintenance payments [ITA 2007 s 453]
    • Section 454 – Meaning of “qualifying maintenance payment” [ITA 2007 s 454]
    • Section 455 – Child support maintenance payments [ITA 2007 s 455]
    • Section 456 – Payments under orders for recovery of benefit etc. [ITA 2007 s 456]
  • ▸ Chapter 6 – Miscellaneous other reliefs (ss 457-461)
    • Payments for life insurance etc. (ss 457-460)
    • Patent royalty receipts (s 461)
▸ Part 9 – Special rules about settlements and trustees (ss 462-517)
  • ▸ Chapter 1 – Introduction (ss 462-464)
    • Section 462 – Overview of Part [ITA 2007 s 462]
    • Section 463 – Interpretation of Part [ITA 2007 s 463]
    • Section 464 – Scottish trusts [ITA 2007 s 464]
  • ▸ Chapter 2 – General provision about settlements and trustees (ss 465-478)
    • Overview (s 465)
    • Settled property (s 466)
    • Settlors (ss 467-473)
    • Trustees (s 474-476)
    • Sub-funds (s 477)
    • Regulations (s 478)
  • ▸ Chapter 3 – Special rates for trustees' income (ss 480-483)
    • Section 479 – Trustees’ accumulated or discretionary income to be charged at special rates [ITA 2007 s 479]
    • Section 480 – Meaning of “accumulated or discretionary income” [ITA 2007 s 480]
    • Section 481 – Other amounts to be charged at special rates for trustees [ITA 2007 s 481]
    • Section 482 – Types of amount to be charged at special rates for trustees [ITA 2007 s 482]
    • Section 483 – Sums paid by personal representatives to trustees [ITA 2007 s 483]
  • ▸ Chapter 4 – Trustees' expenses and special rates for trustees (ss 484-487)
    • Section 484 – Trustees’ expenses to be set against trustees’ trust rate income [ITA 2007 s 484]
    • Section 485 – Carry forward of unused expenses [ITA 2007 s 485]
    • Section 486 – How allowable expenses are to be set against trust rate income [ITA 2007 s 486]
    • Section 487 – Non-UK resident trustees [ITA 2007 s 487]
  • ▸ Chapter 5 – Share incentive plans (ss 488-490)
    • Section 488 – Application of section 479 to trustees of Schedule 2 share incentive plans [ITA 2007 s 488]
    • Section 489 – “The applicable period” in relation to shares [ITA 2007 s 489]
    • Section 490 – Interpretation of Chapter [ITA 2007 s 490]
  • ▸ Chapter 6 – Trustees' first slice of trust rate income (ss 491-492)
    • Section 491 – Special rates not to apply to first slice of trustees’ trust rate income [ITA 2007 s 491]
    • Section 492 – Cases where settlor has made more than one settlement [ITA 2007 s 492]
  • ▸ Chapter 7 – Discretionary payments (ss 493-498)
    • Payments constituting income of beneficiary (other than employment income) (ss 493-496)
    • Payments constituting employment income of beneficiary (ss 496A-496B)
    • Tax pool (s 497-498)
  • ▸ Chapter 8 – Trustees' expenses and beneficiary’s income (ss 499-503)
    • Section 499 – Application of Chapter [ITA 2007 s 499]
    • Section 500 – Restrictions on use of trustees’ expenses to reduce the beneficiary’s income [ITA 2007 s 500]
    • Section 501 – Non-UK resident beneficiaries [ITA 2007 s 501]
    • Section 502 – Meaning of “untaxed income” in section 501 [ITA 2007 s 502]
    • Section 503 – How beneficiary’s income is reduced [ITA 2007 s 503]
  • ▸ Chapter 9 – Unauthorised unit trusts (ss 504-506)
    • Section 504 – Treatment of income of unauthorised unit trust [ITA 2007 s 504]
    • Section 504A – Treatment of capital expenditure of unauthorised unit trust [ITA 2007 s 504A]
    • Section 505 – Relief for trustees of unauthorised unit trust [ITA 2007 s 505]
    • Section 506 – Special rules for trustees affected by section 733 of ICTA [ITA 2007 s 506]
  • ▸ Chapter 10 – Heritage maintenance settlements (ss 507-517)
    • Introduction (s 507)
    • Trustees' election in respect of income etc. (ss 508-509)
    • Absence of election and income treated as income of settlor: special rules (ss 510-511)
    • Application of property for non-heritage purposes: charge to tax (ss 512-517)
▸ Part 9A – Transactions in UK land (ss 517A-517U)
  • ▸ Introduction (s 517A)
    • Section 517A – Overview of Part [ITA 2007 s 517A]
  • ▸ Amounts treated as profits of a trade (ss 517B-517F)
    • Section 517B – Disposals of land in the United Kingdom [ITA 2007 s 517B]
    • Section 517C – Disposals of land: profits treated as trading profits [ITA 2007 s 517C]
    • Section 517D – Disposals of property deriving its value from land in the United Kingdom [ITA 2007 s 517D]
    • Section 517E – Disposals within section 517D: profits treated as trading profits [ITA 2007 s 517E]
    • Section 517F – Profits and losses [ITA 2007 s 517F]
  • ▸ Person to whom profits attributed (s 517G)
    • Section 517G – The chargeable person [ITA 2007 s 517G]
  • ▸ Anti-fragmentation (s 517H)
    • Section 517H – Fragmented activities [ITA 2007 s 517H]
  • ▸ Calculation of profit or gain on disposal (ss 517I-517J)
    • Section 517I – Calculation of surplus on a disposal of land [ITA 2007 s 517I]
    • Section 517J – Apportionments [ITA 2007 s 517J]
  • ▸ Arrangements for avoiding tax (s 517K)
    • Section 517K – Arrangements for avoiding tax [ITA 2007 s 517K]
  • ▸ Exemptions (ss 517L-517M)
    • Section 517L – Gain attributable to period before intention to develop formed [ITA 2007 s 517L]
    • Section 517M – Private residences [ITA 2007 s 517M]
  • ▸ Other supplementary provisions (ss 517N-517O)
    • Section 517N – Tracing value [ITA 2007 s 517N]
    • Section 517O – Relevance of transactions, arrangements, etc [ITA 2007 s 517O]
  • ▸ Interpretation (ss 517P-517U)
    • Section 517P – "Another person" [ITA 2007 s 517P]
    • Section 517Q – "Arrangement" [ITA 2007 s 517Q]
    • Section 517R – "Disposal" [ITA 2007 s 517R]
    • Section 517S – "Land" and related expressions [ITA 2007 s 517S]
    • Section 517T – References to realising a gain [ITA 2007 s 517T]
    • Section 517U – Related parties [ITA 2007 s 517U]
▸ Part 10 – Special rules about charitable trusts etc. (ss 518-564)
  • ▸ Introduction (ss 518-519)
    • Section 518 – Overview of Part [ITA 2007 s 518]
    • Section 519 – Meaning of “charitable trust” [ITA 2007 s 519]
  • ▸ Gifts and other payments (ss 520-523)
    • Section 520 – Gifts entitling donor to gift aid relief: income tax treated as paid [ITA 2007 s 520]
    • Section 521 – Gifts entitling donor to gift aid relief: income tax liability and exemption [ITA 2007 s 521]
    • Section 521A – Gifts under payroll deduction schemes: income tax liability and exemption [ITA 2007 s 521A]
    • Section 522 – Gifts of money from companies: income tax liability and exemption [ITA 2007 s 522]
    • Section 523 – Payments from other charities: income tax liability and exemption [ITA 2007 s 523]
  • ▸ Other exemptions (ss 524-537)
    • Section 524 – Exemption for profits etc. of charitable trades [ITA 2007 s 524]
    • Section 525 – Meaning of “charitable trade” [ITA 2007 s 525]
    • Section 526 – Exemption for profits etc. of small-scale trades [ITA 2007 s 526]
    • Section 527 – Exemption from charges under provisions to which section 1016 applies [ITA 2007 s 527]
    • Section 528 – Condition as to trading and miscellaneous incoming resources [ITA 2007 s 528]
    • Section 529 – Exemption for profits from fund-raising events [ITA 2007 s 529]
    • Section 530 – Exemption for profits from lotteries [ITA 2007 s 530]
    • Section 531 – Exemption for property income etc. [ITA 2007 s 531]
    • Section 532 – Exemption for savings and investment income [ITA 2007 s 532]
    • Section 533 – Exemption for public revenue dividends [ITA 2007 s 533]
    • Section 534 – Exemption for transactions in deposits [ITA 2007 s 534]
    • Section 535 – Exemption for offshore income gains [ITA 2007 s 535]
    • Section 536 – Exemption for certain miscellaneous income [ITA 2007 s 536]
    • Section 537 – Exemption for income from estates in administration [ITA 2007 s 537]
  • ▸ Claims (ss 538-538A)
    • Section 538 – Requirement to make claim [ITA 2007 s 538]
    • Section 538A – Claims in relation to gift aid relief etc. [ITA 2007 s 538A]
  • ▸ Restrictions on exemptions (ss 539-542)
    • Section 539 – Restrictions on exemptions [ITA 2007 s 539]
    • Section 540 – The non-exempt amount [ITA 2007 s 540]
    • Section 541 – Attributing income to the non-exempt amount [ITA 2007 s 541]
    • Section 542 – How income is attributed to the non-exempt amount [ITA 2007 s 542]
  • ▸ Non-charitable expenditure (ss 543-548)
    • Section 543 – Meaning of “non-charitable expenditure” [ITA 2007 s 543]
    • Section 544 – Section 543: supplementary [ITA 2007 s 544]
    • Section 545 – Section 543(1)(f): meaning of expenditure [ITA 2007 s 545]
    • Section 546 – Section 543(1)(f): tax year in which certain expenditure treated as incurred [ITA 2007 s 546]
    • Section 547 – Section 543(1)(f): payment to body outside the UK [ITA 2007 s 547]
    • Section 548 – Section 543(1)(i) and (j): investments and loans [ITA 2007 s 548]
  • ▸ Substantial donor transactions (ss 549-557)
    • Section 549 – Transactions with substantial donors [ITA 2007 s 549]
    • Section 550 – Meaning of “relievable gift” [ITA 2007 s 550]
    • Section 551 – Non-charitable expenditure in substantial donor transactions [ITA 2007 s 551]
    • Section 552 – Adjustment if section 551(1) and (2) applied to single transaction [ITA 2007 s 552]
    • Section 553 – Section 551: certain payments and benefits to be ignored [ITA 2007 s 553]
    • Section 554 – Transactions: exceptions [ITA 2007 s 554]
    • Section 555 – Donors: exceptions [ITA 2007 s 555]
    • Section 556 – Connected charities [ITA 2007 s 556]
    • Section 557 – Substantial donor transactions: supplementary [ITA 2007 s 557]
  • ▸ Approved charitable investments and loans (ss 558-561)
    • Section 558 – Approved charitable investments [ITA 2007 s 558]
    • Section 559 – Securities which are approved charitable investments [ITA 2007 s 559]
    • Section 560 – Conditions to be met for some securities [ITA 2007 s 560]
    • Section 561 – Approved charitable loans [ITA 2007 s 561]
  • ▸ Carry back of excess non-charitable expenditure (ss 562-564)
    • Section 562 – Excess expenditure treated as non-charitable expenditure of earlier years [ITA 2007 s 562]
    • Section 563 – Rules for attributing excess expenditure to earlier years [ITA 2007 s 563]
    • Section 564 – Adjustments in consequence of section 562 [ITA 2007 s 564]
▸ Part 10A – Alternative finance arrangements (ss 564A-564Y)
  • ▸ Introduction (ss 564A-564B)
    • Section 564A – Introduction [ITA 2007 s 564A]
    • Section 564B – Meaning of “financial institution” [ITA 2007 s 564B]
  • ▸ Arrangements that are alternative finance arrangements (ss 564C-564H)
    • Section 564C – Purchase and resale arrangements [ITA 2007 s 564C]
    • Section 564D – Diminishing shared ownership arrangements: initial acquisition [ITA 2007 s 564D]
    • Section 564DA – Diminishing shared ownership arrangements: refinancing [ITA 2007 s 564DA]
    • Section 564E – Deposit arrangements [ITA 2007 s 564E]
    • Section 564F – Profit share agency arrangements [ITA 2007 s 564F]
    • Section 564G – Investment bond arrangements [ITA 2007 s 564G]
    • Section 564H – Provision not at arm's length: exclusion of arrangements from sections 564C to 564G [ITA 2007 s 564H]
  • ▸ Meaning of “alternative finance return” (ss 564I-564L)
    • Section 564I – Purchase and resale arrangements [ITA 2007 s 564I]
    • Section 564J – Purchase and resale arrangements where return in foreign currency [ITA 2007 s 564J]
    • Section 564K – Diminishing shared ownership arrangements [ITA 2007 s 564K]
    • Section 564L – Other arrangements [ITA 2007 s 564L]
  • ▸ Treatment of alternative finance return as interest etc. (ss 564M-564Q)
    • Section 564M – Treatment of alternative finance return as interest for ITTOIA 2005 [ITA 2007 s 564M]
    • Section 564N – Alternative finance return under arrangements for trade or property business purposes [ITA 2007 s 564N]
    • Section 564O – Relief for some alternative finance return under Chapter 1 of Part 8 etc. [ITA 2007 s 564O]
    • Section 564P – Tax relief schemes and arrangements [ITA 2007 s 564P]
    • Section 564Q – Deduction of income tax at source under Part 15 [ITA 2007 s 564Q]
  • ▸ Special rules for investment bond arrangements (ss 564R-564U)
    • Section 564R – Treatment of discount [ITA 2007 s 564R]
    • Section 564S – Treatment of bond-holder and bond-issuer [ITA 2007 s 564S]
    • Section 564T – Treatment as securities [ITA 2007 s 564T]
    • Section 564U – Arrangements not unit trust scheme or offshore fund [ITA 2007 s 564U]
  • ▸ Other rules (ss 564V-564Y)
    • Section 564V – Exclusion of alternative finance return from consideration for sale of assets [ITA 2007 s 564V]
    • Section 564W – Diminishing shared ownership arrangements not partnerships [ITA 2007 s 564W]
    • Section 564WA – Diminishing shared ownership arrangements: further provision in respect of refinancing [ITA 2007 s 564WA]
    • Section 564X – Treatment of principal under profit share agency arrangements [ITA 2007 s 564X]
    • Section 564Y – Provision not at arm's length: relevant return [ITA 2007 s 564Y]
▸ Part 11 – Manufactured payments and repos (ss 565-614)
  • ▸ Chapter 1 – Introduction (ss 565-571)
    • Section 565 – Overview of Part [ITA 2007 s 565]
    • Section 566 – Meaning of “UK shares” and “UK securities” [ITA 2007 s 566]
    • Section 567 – Meaning of “overseas securities” and “overseas dividend” [“overseas shares”,] [ITA 2007 s 567]
    • Section 568 – Meaning of “stock lending arrangement” [ITA 2007 s 568]
    • Section 569 – Meaning of “repo” [ITA 2007 s 569]
    • Section 570 – Meaning of “buying back” securities etc. [ITA 2007 s 570]
    • Section 571 – Meaning of “related” agreements [ITA 2007 s 571]
  • ▸ Chapter 2 – Manufactured payments (ss 572-591)
    • Introduction (ss 572-572A)
    • Manufactured dividends on UK shares (ss 573-577)
    • Manufactured interest on UK securities (ss 578-580)
    • Manufactured overseas dividends (ss 581-582)
    • Special cases (ss 583-585)
    • General regulation-making powers (ss 586-588)
    • Interpretation (ss 589-591)
  • ▸ Chapter 3 – Tax credits: stock lending arrangements and repos (ss 592-595)
    • Stock lending arrangements (s 592)
    • Repos (ss 593-594)
    • Interpretation (s 595)
  • ▸ Chapter 4 – Deemed manufactured payments (ss 596-606)
    • Stock lending arrangements (ss 596-600)
    • Repos (ss 601-605)
    • Interpretation (s 606)
  • ▸ Chapter 5 – Price differences under repos (ss 607-611)
    • Main tax treatment (ss 607-608)
    • Additional tax treatment (s 609)
    • Interpretation (s 610)
    • Power to modify (s 611)
  • ▸ Chapter 6 – Powers to modify repo provisions (ss 612-614)
    • Section 612 – Non-standard repo cases [ITA 2007 s 612]
    • Section 613 – Redemption arrangements [ITA 2007 s 613]
    • Section 614 – Sections 612 and 613: supplementary [ITA 2007 s 614]
▸ Part 11ZA – Manufactured payments (ss 614ZA-614ZD)
  • Section 614ZA – Overview of Part [ITA 2007 s 614ZA]
  • Section 614ZB – Key definitions [ITA 2007 s 614ZB]
  • Section 614ZC – Treatment of payer of manufactured payment [ITA 2007 s 614ZC]
  • Section 614ZD – Treatment of recipient of manufactured payment [ITA 2007 s 614ZD]
▸ Part 11A – Leasing arrangements: finance leases and loans (ss 614A-614DG)
  • ▸ Chapter 1 – Introduction (ss 614A-614AC)
    • Introduction (s 614A)
    • Meaning of expressions about rent (ss 614AA-614AC)
  • ▸ Chapter 2 – Finance leases with return in capital form (ss 614B-614BY)
    • Introduction (ss 614B-614BA)
    • Leases to which this Chapter applies (ss 614BB-614BE)
    • Current lessor taxed by reference to accountancy rental earnings (s 614BF)
    • Reduction of taxable rent by cumulative rental excesses (ss 614BG-614BK)
    • Relief for bad debts by reduction of cumulative rental excesses (ss 614BL-614BO)
    • Effect of disposals (ss 614BP-614BQ)
    • Capital allowances: claw-back of major lump sum (ss 614BR-614BW)
    • Schemes to which this Chapter does not at first apply (ss 614BX-614B)
  • ▸ Chapter 3 – Other finance leases (ss 614C-614CD)
    • Introduction (ss 614C-614CA)
    • Leases to which this Chapter applies (s 614CB)
    • Current lessor taxed by reference to accountancy rental earnings (s 614CC)
    • Application of provisions of Chapter 2 for purposes of this Chapter (s 614CD)
  • ▸ Chapter 4 – Supplementary provisions (ss 614D-614DG)
    • Section 614D – Pre-26 November 1996 schemes and post-25 November 1996 schemes [ITA 2007 s 614D]
    • Section 614DA – Time apportionment where periods of account do not coincide [ITA 2007 s 614DA]
    • Section 614DB – Periods of account and related periods of account and tax years [ITA 2007 s 614DB]
    • Section 614DC – Connected persons [ITA 2007 s 614DC]
    • Section 614DD – Assets which represent the leased asset [ITA 2007 s 614DD]
    • Section 614DE – Parent undertakings and consolidated group accounts [ITA 2007 s 614DE]
    • Section 614DF – Assessments and adjustments [ITA 2007 s 614DF]
    • Section 614DG – Interpretation [ITA 2007 s 614DG]
▸ Part 12 – Accrued income profits (ss 615-681)
  • ▸ Chapter 1 – Introduction (ss 615)
    • Section 615 – Overview of Part [ITA 2007 s 615]
  • ▸ Chapter 2 – Accrued income profits and losses (ss 616-677)
    • Charge to tax (ss 616-618)
    • Securities to which Chapter applies (s 619)
    • Transfers to which Chapter applies (ss 620-627)
    • Calculating accrued income profits and losses (ss 628-631)
    • The payments treated as made on transfers (ss 632-635)
    • Exception where there is a transfer to a legatee (s 636)
    • Relief for losses (s 637)
    • Excluded transferors and transferees (ss 638-647)
    • Further transactions treated as transfers (ss 648-652)
    • Excluded transfers (ss 653-658)
    • Special rules about some calculations (ss 659-665)
    • Nominees and trustees (ss 666-667)
    • Relief where transfer proceeds unremittable (ss 668-670)
    • Individuals to whom remittance basis applies (s 670A)
    • Interpretation (ss 671-677)
  • ▸ Chapter 3 – Exemptions relating to interest on securities (ss 678-681)
    • Section 678 – Exemptions relating to interest on securities: preliminary [ITA 2007 s 678]
    • Section 679 – Interest on securities involving accrued income losses: general [ITA 2007 s 679]
    • Section 680 – Interest on securities involving accrued income losses: foreign trustees [ITA 2007 s 680]
    • Section 681 – Unrealised interest received by transferee after transfer [ITA 2007 s 681]
▸ Part 12A – Sale and lease-back etc. (ss 681A-681DP)
  • ▸ Chapter 1 – Payments connected with transferred land (ss 681A-681AN)
    • Overview (s 681A)
    • Application of the Chapter (ss 681AA-681AC)
    • Relief: restriction and carrying forward (s 681AD)
    • Certain deductions from earnings: restriction and carrying forward of relief (ss 681AE-681AH)
    • Interpretation etc. (ss 681AI-681AN)
  • ▸ Chapter 2 – New lease of land after assignment or surrender (ss 681B-681BL)
    • Overview (s 681B)
    • Application of the Chapter (s 681BA)
    • Taxation of consideration (ss 681BB-681BC)
    • Relief for rent under new lease (s 681BD)
    • New lease treated as ending (ss 681BE-681BI)
    • Lease varied to provide for increased rent (s 681BJ)
    • Interpretation (ss 681BK-681BM)
  • ▸ Chapter 3 – Leased trading assets (ss 681C-681CG)
    • Overview (s 681C)
    • Application of the Chapter (ss 681CA-681CB)
    • Relief: restriction and carrying forward (ss 681CC-681CE)
    • Interpretation (ss 681CF-681CG)
  • ▸ Chapter 4 – Leased assets: capital sums (ss 681D-681DP)
    • Overview (s 681D)
    • Application of the Chapter (ss 681DA-681DC)
    • Charge to income tax (ss 681DD-681DF)
    • Obtaining of sum (ss 681DG-681DI)
    • Apportionment (ss 681DJ-681DK)
    • Interpretation (ss 681DL-681DP)
▸ Part 13 – Tax avoidance (ss 682-809ZR)
  • ▸ Chapter 1 – Transactions in securities (ss 682-713)
    • Introduction (ss 682-683)
    • Person liable to counteraction of income tax advantages (ss 684-694)
    • Procedure for counteraction of income tax advantages (ss 695-700)
    • Clearance procedure ... (ss 701-704)
    • Appeals (ss 705-711)
    • Supplementary (ss 712-713)
  • ▸ Chapter 2 – Transfer of assets abroad (ss 714-751)
    • Introduction (s 714-719)
    • Charge where power to enjoy income (ss 720-726)
    • Charge where capital sums received (ss 727-730)
    • Charge where benefit received (ss 731-735C)
    • Exemptions: no tax avoidance purpose or genuine commercial transaction (ss 736-742A)
    • Value of certain benefits (ss 742B-742E)
    • General (ss 743-747)
    • Supplementary (ss 748-751)
  • ▸ Chapter 3 – Transactions in land (ss 752-772)
    • Introduction (ss 752-754)
    • Charge on gains from transactions in land (ss 755-760)
    • Further provisions relevant to the charge (ss 761-764)
    • Exemptions (ss 765-767)
    • Recovery of tax (ss 768-769)
    • Clearances and power to obtain information (ss 770-771)
    • Interpretation (s 772)
  • ▸ Chapter 4 – Sales of occupation income (ss 773-789)
    • Introduction (ss 773-775)
    • Charge on sale of occupation income (ss 776-779)
    • Further provisions relevant to the charge (ss 780-783)
    • Exemption for sales of going concerns (ss 784-785)
    • Recovery of tax (ss 786-787)
    • Power to obtain information (s 788)
    • Interpretation (s 789)
  • ▸ Chapter 5 – Avoidance involving trading losses (ss 790-809)
    • Introduction (s 790)
    • Individuals in partnership: recovery of excess relief (ss 791-795)
    • Individuals claiming relief for film-related trading losses (ss 796-803)
    • Individuals in partnership claiming relief for licence-related trading losses (ss 804-809)
  • ▸ Chapter 5A – Transfers of income streams (ss 809AZA-809AZG)
    • Section 809AZA – Application of Chapter [ITA 2007 s 809AZA]
    • Section 809AZB – Value of transferred income stream treated as income [ITA 2007 s 809AZB]
    • Section 809AZC – Exception: amount otherwise taxed [ITA 2007 s 809AZC]
    • Section 809AZD – Exception: certain annuities [ITA 2007 s 809AZD]
    • Section 809AZE – Exception: transfer by way of security [ITA 2007 s 809AZE]
    • Section 809AZF – Partnership shares [ITA 2007 s 809AZF]
    • Section 809AZG – Interpretation [ITA 2007 s 809AZG]
  • ▸ Chapter 5AA – Disposals of income streams through partnerships (ss 809AAZA-809AAZB)
    • Section 809AAZA – Application of Chapter [ITA 2007 s 809AAZA]
    • Section 809AAZB – Relevant amount to be treated as income [ITA 2007 s 809AAZB]
  • ▸ Chapter 5B – Finance arrangements (ss 809BZA-809BZS)
    • Type 1 arrangements (ss 809BZA-809BZE)
    • Type 2 arrangements (ss 809BZF-809BZI)
    • Type 3 arrangements (ss 809BZJ-809BZL)
    • Exceptions (ss 809BZM-809BZP)
    • Supplementary (ss 809BZQ-809BZS)
  • ▸ Chapter 5C – Loan or credit transactions (ss 809CZA-809CZC)
    • Section 809CZA – Loan or credit transaction defined [ITA 2007 s 809CZA]
    • Section 809CZB – Certain payments treated as yearly interest [ITA 2007 s 809CZB]
    • Section 809CZC – Tax charged on income transferred [ITA 2007 s 809CZC]
  • ▸ Chapter 5D – Disposals of assets through partnerships (ss 809DZA-809DZB)
    • Section 809DZA – Application of Chapter [ITA 2007 s 809DZA]
    • Section 809DZB – Relevant amount to be treated as income [ITA 2007 s 809DZB]
  • ▸ Chapter 5E – Disguised investment management fees (ss 809EZA-809EZH)
    • Section 809EZA – Disguised investment management fees: charge to income tax [ITA 2007 s 809EZA]
    • Section 809EZB – Meaning of “management fee” in section 809EZA [ITA 2007 s 809EZB]
    • Section 809EZC – Meaning of “carried interest” in section 809EZB [ITA 2007 s 809EZC]
    • Section 809EZD – Sums treated as “carried interest” for purposes of section 809EZB [ITA 2007 s 809EZD]
    • Section 809EZDA – Sums arising to connected persons other than companies [ITA 2007 s 809EZDA]
    • Section 809EZDB – Sums arising to connected company or unconnected person [ITA 2007 s 809EZDB]
    • Section 809EZE – Interpretation of Chapter [ITA 2007 s 809EZE]
    • Section 809EZF – Disguised investment management fees: anti-avoidance [ITA 2007 s 809EZF]
    • Section 809EZG – Disguised investment management fees: avoidance of double taxation [ITA 2007 s 809EZG]
    • Section 809EZH – Powers to amend Chapter [ITA 2007 s 809EZH]
  • ▸ Chapter 5F – Income-based carried interest (ss 809FZA-809FZZ)
    • Income-based carried interest (ss 809FZA-809FZB)
    • Average holding period (ss 809FZC)
    • Average holding period: disposals (ss 809FZD-809FZF)
    • Average holding period: derivatives and hedging (ss 809FZG-809FZI)
    • Average holding period: aggregation of acquisitions and disposals (ss 809FZJ-809FZP)
    • Direct lending funds (ss 809FZQ-809FZR)
    • Conditionally exempt carried interest (ss 809FZS-809FZT)
    • Supplementary (ss 809FZU-809FZY)
    • Interpretation (s 809FZZ)
  • ▸ Chapter 6 – Avoidance involving leases of plant and machinery (ss 809ZA-809ZF)
    • Section 809ZA – Plant and machinery leases: capital receipts to be treated as income [ITA 2007 s 809ZA]
    • Section 809ZB – Section 809ZA: interpretation [ITA 2007 s 809ZB]
    • Section 809ZC – Section 809ZA: lease of plant and machinery and other property [ITA 2007 s 809ZC]
    • Section 809ZD – Section 809ZA: expectation that relevant capital payment will not be paid [ITA 2007 s 809ZD]
    • Section 809ZE – “Capital payment”, “relevant capital payment” etc. [ITA 2007 s 809ZE]
    • Section 809ZF – Further interpretation of section 809ZA etc. [ITA 2007 s 809ZF]
    • Section 809ZFA – Consideration for taking over payment obligations as lessee treated as income [ITA 2007 s 809ZFA]
  • ▸ Chapter 7 – Avoidance involving obtaining tax relief for interest (ss 809ZG)
    • Section 809ZG – Tax relief schemes and arrangements [ITA 2007 s 809ZG]
  • ▸ Chapter 8 – Tainted charity donations (ss 809ZH-809ZR)
    • Introduction (ss 809ZH-809ZI)
    • Tainted donations (ss 809ZJ-809ZL)
    • Removal of reliefs and imposition of charge to tax (ss 809ZM-809ZO)
    • Supplementary (ss 809ZP-809ZR)
▸ Part 14 – Income tax liability: miscellaneous rules (ss 809A-846)
  • ▸ Chapter A1 – Remittance basis (ss 809A-809Z10)
    • Introduction (s 809A)
    • Application of remittance basis (ss 809B-809E)
    • Effect of section 809B, 809D or 809E applying (ss 809F-809J)
    • Remittance of income and gains: introduction (ss 809K)
    • Remittance of income and gains: meaning of “remitted to the United Kingdom” (ss 809L-809O)
    • Remittance of income and gains: amount remitted (ss 809P)
    • Remittance of income and gains: transfers from mixed funds (ss 809Q-809S)
    • Remittance of income and gains: supplementary (ss 809T-809U)
    • Relief for money used to pay tax etc. (ss 809UA-809V)
    • Business investment relief (ss 809VA-809VO)
    • Relief for certain UK services (ss 809W)
    • Exempt property relief (ss 809X-809Z6)
    • Interpretation of Chapter (ss 809Z7-809Z10)
  • ▸ Chapter 1 – Limits on liability to income tax of non-UK residents (ss 810-828)
    • Introduction (s 810)
    • Limit for non-UK resident individuals, trustees etc. (ss 811-814)
    • Limit for non-UK resident companies (ss 815-816)
    • The independent broker conditions (s 817)
    • The independent investment manager conditions (ss 818-824)
    • Supplementary (ss 825-828)
  • ▸ Chapter 1A – Exemption for persons not domiciled in United Kingdom (ss 828A-828D)
    • Section 828A – Introduction [ITA 2007 s 828A]
    • Section 828B – Conditions to be met [ITA 2007 s 828B]
    • Section 828C – The exemption [ITA 2007 s 828C]
    • Section 828D – Interpretation of Chapter [ITA 2007 s 828D]
  • ▸ Chapter 2 – Residence (ss 829-835A)
    • Section 829 – Residence of individuals temporarily abroad [ITA 2007 s 829]
    • Section 830 – Residence of individuals working abroad [ITA 2007 s 830]
    • Section 831 – Foreign income of individuals in the United Kingdom for temporary purpose [ITA 2007 s 831]
    • Section 832 – Employment income of individuals in the United Kingdom for temporary purpose [ITA 2007 s 832]
    • Section 833 – Visiting forces etc. [ITA 2007 s 833]
    • Section 834 – Residence of personal representatives [ITA 2007 s 834]
    • Section 835 – Residence rules for trustees [ITA 2007 s 835]
    • Section 835A – Residence of companies [ITA 2007 s 835A]
  • ▸ Chapter 2A – Domicile (ss 835B-835BA)
    • Section 835B – Domicile for income tax purposes of overseas electors [ITA 2007 s 835B]
    • Section 835BA – Deemed domicile [ITA 2007 s 835BA]
  • ▸ Chapter 2B – UK representative of non-UK resident (ss 835C-835S)
    • Introduction (ss 835C-835D)
    • Branches and agencies (ss 835E-835F)
    • Persons who are not UK representatives (ss 835G-835K)
    • The independent broker conditions (s 835L)
    • The independent investment manager conditions (ss 835M-835Q)
    • Supplementary (ss 835R-835S)
  • ▸ Chapter 2C – Income tax obligations and liabilities imposed on UK representatives (835T-835Y)
    • Section 835T – Introduction to Chapter [ITA 2007 s 835T]
    • Section 835U – Obligations and liabilities of UK representative [ITA 2007 s 835U]
    • Section 835V – Exceptions: notices and information [ITA 2007 s 835V]
    • Section 835W – Exceptions: criminal offences and penalties etc [ITA 2007 s 835W]
    • Section 835X – Indemnities [ITA 2007 s 835X]
    • Section 835Y – Meaning of “independent agent” [ITA 2007 s 835Y]
  • ▸ Chapter 3 – Jointly held property (ss 836-837)
    • Section 836 – Jointly held property [ITA 2007 s 836]
    • Section 837 – Jointly held property: declarations of unequal beneficial interests [ITA 2007 s 837]
  • ▸ Chapter 3A – Banks etc in compulsory liquidation (ss 837A-837H)
    • Section 837A – Overview of Chapter [ITA 2007 s 837A]
    • Section 837B – Application of Chapter [ITA 2007 s 837B]
    • Section 837C – Charge to income tax on winding up receipts [ITA 2007 s 837C]
    • Section 837D – Transfer of rights to payment [ITA 2007 s 837D]
    • Section 837E – Allowable deductions [ITA 2007 s 837E]
    • Section 837F – Election to carry back [ITA 2007 s 837F]
    • Section 837G – Relationship of Chapter with other income tax provisions [ITA 2007 s 837G]
    • Section 837H – Interpretation of Chapter [ITA 2007 s 837H]
  • ▸ Chapter 4 – Other miscellaneous rules (ss 838-846)
    • Section 838 – Local authorities and local authority associations [ITA 2007 s 838]
    • Section 838A – Asbestos compensation settlements [ITA 2007 s 838A]
    • Section 839 – Issue departments of the Reserve Bank of India and the State Bank of Pakistan [ITA 2007 s 839]
    • Section 840 – Government securities held by non-UK resident central banks [ITA 2007 s 840]
    • Section 841 – Official agents of Commonwealth countries etc. [ITA 2007 s 841]
    • Section 842 – UK Economic Interest Groupings and European Economic Interest Groupings [ITA 2007 s 842]
    • Section 843 – Restriction of deductions for annual payments [ITA 2007 s 843]
    • Section 844 – Letters patent etc: exempting provisions [ITA 2007 s 844]
    • Section 845 – Extra return to be treated as interest etc. [ITA 2007 s 845]
    • Section 846 – Interpretation of section 845 [ITA 2007 s 846]
▸ Part 15 – Deduction of income tax at source (ss 847-987)
  • ▸ Chapter 1 – Introduction (ss 847-849)
    • Section 847 – Overview of Part [ITA 2007 s 847]
    • Section 848 – Income tax deducted at source treated as income tax paid by recipient [ITA 2007 s 848]
    • Section 849 – Interaction with other Income Tax Acts provisions [ITA 2007 s 849]
  • ▸ Chapter 2 – Meaning of “relevant investment” for purposes of section 876 (ss 850-873)
    • Introduction (s 850)
    • Duty to deduct sums representing income tax (ss 851-852)
    • Deposit-takers and relevant investments (ss 853-857)
    • Investments which are not relevant investments: non-UK resident beneficiaries (ss 858-862)
    • Investments which are not relevant investments (ss 863-870)
    • Supplementary (ss 871-873)
  • ▸ Chapter 3 – Deduction from certain payments of yearly interest (ss 874-888E)
    • Duty to deduct sums representing income tax (s 874)
    • Exceptions from duty to deduct (ss 875-888E)
  • ▸ Chapter 4 – Deduction from payments in respect of building society securities (ss 889)
    • Section 889 – Payments in respect of building society securities [ITA 2007 s 889]
  • ▸ Chapter 5 – Deduction from payments of UK public revenue dividends (ss 890-897)
    • Introduction (ss 890-891)
    • Duty to deduct sums representing income tax (s 892)
    • Payments which are payable gross (ss 893-894)
    • Deduction at source applications (ss 895-896)
    • Regulations (s 897)
  • ▸ Chapter 6 – Deduction from annual payments and patent royalties (ss 898-905)
    • Introduction (ss 898-899)
    • Duty to deduct from annual payments (ss 900-902)
    • Duty to deduct from patent royalties (s 903)
    • Supplementary (ss 904-905)
  • ▸ Chapter 7 – Deduction from other payments connected with intellectual property (ss 906-910)
    • Certain royalties etc where usual place of abode of owner is abroad (ss 906-909)
    • Proceeds of a sale of patent rights (ss 910)
  • ▸ Chapter 8 – Chapters 6 and 7: special provision in relation to royalties (ss 911-917A)
    • Deduction at special rates (ss 911-913)
    • Discretion to make payments gross (ss 914-917)
    • Tax avoidance (s 917A)
  • ▸ Chapter 9 – Manufactured payments (ss 918-927)
    • Manufactured dividends (s 918)
    • Manufactured interest (ss 919-921)
    • Manufactured overseas dividends (ss 922-925)
    • Repos (ss 925A-925F)
    • Supplementary (ss 926-927)
  • ▸ Chapter 10 – Deduction from non-commercial payments by companies (ss 928)
    • Section 928 – Chargeable payments connected with exempt distributions [ITA 2007 s 928]
  • ▸ Chapter 11 – Payments between companies etc: exception from duties to deduct (ss 929-938)
    • Introduction (s 929)
    • Exception from duties to deduct for excepted payments (ss 930-932)
    • Excepted payments (ss 933-937)
    • Incorrect belief that payment is an excepted payment (s 938)
  • ▸ Chapter 12 – Funding bonds (ss 939-940A)
    • Section 939 – Duty to retain bonds where issue treated as payment of interest [ITA 2007 s 939]
    • Section 940 – Exception from duty to retain bonds [ITA 2007 s 940]
    • Section 940A – No appropriate bond or combination of bonds [ITA 2007 s 940A]
  • ▸ Chapter 13 – Unauthorised unit trusts (ss 941-943D)
    • Section 941 – Deemed payments to unit holders and deemed deductions of income tax [ITA 2007 s 941]
    • Section 942 – Income tax to be collected from trustees [ITA 2007 s 942]
    • Section 943 – Calculation of trustees’ income pool [ITA 2007 s 943]
    • Section 943A – Treatment of cases involving double tax relief [ITA 2007 s 943A]
    • Section 943B – The “foreign element” of a deemed deduction or deemed income [ITA 2007 s 943B]
    • Section 943C – Calculation of trustees' double tax relief pool [ITA 2007 s 943C]
    • Section 943D – Annual statements [ITA 2007 s 943D]
  • ▸ Chapter 14 – Tax avoidance: directions for duty to deduct to apply (ss 944)
    • Section 944 – Directions for deduction from payments to non-UK residents [ITA 2007 s 944]
  • ▸ Chapter 15 – Collection: deposit-takers, building societies and certain companies (ss 945-962)
    • Introduction (s 945)
    • Returns of income tax (ss 949-950)
    • Collection and payment of income tax (s 951)
    • Set-off (ss 952-955)
    • Assessments and errors (ss 956-960)
    • Supplementary (ss 961-962)
  • ▸ Chapter 16 – Collection: certain payments by other persons (ss 963-963A)
    • Section 963 – Collection of income tax on certain payments by other persons [ITA 2007 s 963]
    • Section 963A – Power to make regulations modifying section 963 [ITA 2007 s 963A]
  • ▸ Chapter 17 – Collection through self-assessment return (ss 964)
    • Section 964 – Collection through self-assessment return [ITA 2007 s 964]
  • ▸ Chapter 18 – Other regimes involving the deduction of income tax at source (ss 965-974)
    • Visiting performers (ss 965-970)
    • Non-resident landlords (ss 971-972)
    • Real Estate Investment Trusts (ss 973-974)
  • ▸ Chapter 19 – General (ss 975-987)
    • Supplementary (ss 975-982)
    • Interpretation (ss 983-987)
▸ Part 16 – Income Tax Acts definitions etc. (ss 988-1016)
  • ▸ Chapter 1 – Definitions (ss 988-1007A)
    • Section 988 – Overview of Chapter [ITA 2007 s 988]
    • Section 989 – The definitions [ITA 2007 s 989]
    • Section 990 – Meaning of “Act” [ITA 2007 s 990]
    • Section 991 – Meaning of “bank" [ITA 2007 s 991]
    • Section 992 – Meaning of “company” [ITA 2007 s 992]
    • Section 993 – Meaning of “connected” persons [ITA 2007 s 993]
    • Section 994 – Meaning of “connected” persons: supplementary [ITA 2007 s 994]
    • Section 995 – Meaning of “control” [ITA 2007 s 995]
    • Section 996 – Meaning of “farming” and related expressions [ITA 2007 s 996]
    • Section 997 – Meaning of “generally accepted accounting practice” and related expressions [ITA 2007 s 997]
    • Section 998 – Meaning of “grossing up” [ITA 2007 s 998]
    • Section 998A – Meaning of “hire-purchase agreement” [ITA 2007 s 998A]
    • Section 999 – Meaning of “local authority” [ITA 2007 s 999]
    • Section 1000 – Meaning of “local authority association” [ITA 2007 s 1000]
    • Section 1001 – Meaning of “offshore installation” [ITA 2007 s 1001]
    • Section 1002 – Regulations about the meaning of “offshore installation” [ITA 2007 s 1002]
    • Section 1003 – Meaning of “oil and gas exploration and appraisal” [ITA 2007 s 1003]
    • Section 1004 – Meaning of “property investment LLP” [ITA 2007 s 1004]
    • Section 1005 – Meaning of “recognised stock exchange” etc. [ITA 2007 s 1005]
    • Section 1006 – Meaning of “research and development” [ITA 2007 s 1006]
    • Section 1007 – Meaning of “unit trust scheme” [ITA 2007 s 1007]
    • Section 1007A – Meaning of “permanent establishment" [ITA 2007 s 1007A]
  • ▸ Chapter 2 – Other Income Tax Acts provisions (ss 1008-1016)
    • Section 1008 – Scotland [ITA 2007 s 1008]
    • Section 1009 – Sources of income within the charge to income tax or corporation tax [ITA 2007 s 1009]
    • Section 1010 – Application of Income Tax Acts to recognised investment exchanges [ITA 2007 s 1010]
    • Section 1011 – References to married persons, or civil partners, living together [ITA 2007 s 1011]
    • Section 1012 – Relationship between rules on highest part of total income [ITA 2007 s 1012]
    • Section 1013 – Territorial sea of the United Kingdom [ITA 2007 s 1013]
    • Section 1014 – Orders and regulations [ITA 2007 s 1014]
    • Section 1015 – Territorial scope of charges under certain provisions to which section 1016 applies [ITA 2007 s 1015]
    • Section 1016 – Table of provisions to which this section applies [ITA 2007 s 1016]
▸ Part 17 – Definitions for purposes of Act and final provisions (ss 1017-1035)
  • ▸ Definitions for the purposes of Act (ss 1017-1026)
    • Section 1017 – Abbreviated references to Acts [ITA 2007 s 1017]
    • Section 1018 – “Act” to include Scottish and Northern Ireland legislation in some cases
    • Section 1019 – Meaning of “certificate of deposit”
    • Section 1020 – Claims and elections
    • Section 1021 – Application of definitions of “connected” persons and “control”
    • Section 1022 – Meaning of “debenture” [ITA 2007 s 1022]
    • Section 1023 – Meaning of “double taxation arrangements” [ITA 2007 s 1023]
    • Section 1024 – Meaning of “gilt-edged securities” [ITA 2007 s 1024]
    • Section 1025 – Meaning of “modified net income” [ITA 2007 s 1025]
    • Section 1026 – Meaning of “non-qualifying income” for the purposes of section 1025 [ITA 2007 s 1026]
  • ▸ Final provisions (ss 1027-1035)
    • Section 1027 – Minor and consequential amendments [ITA 2007 s 1027]
    • Section 1028 – Power to make consequential provision [ITA 2007 s 1028]
    • Section 1029 – Power to undo changes [ITA 2007 s 1029]
    • Section 1030 – Transitional provisions and savings [ITA 2007 s 1030]
    • Section 1031 – Repeals and revocations [ITA 2007 s 1031]
    • Section 1032 – Index of defined expressions [ITA 2007 s 1032]
    • Section 1033 – Extent [ITA 2007 s 1033]
    • Section 1034 – Commencement [ITA 2007 s 1034]
    • Section 1035 – Short title [ITA 2007 s 1035]
▸ Schedules
  • ▸ Schedule 1 Minor and consequential amendments (part 1-3)
    • Part 1 – Income and Corporation Taxes Act 1988 (paras 1-240)
    • Part 2 – Other enactments (paras 241-626)
    • Part 3 – Amendment having effect in relation to shares issued after 5 April 2007 (para 627)
  • ▸ Schedule 2 Transitionals and savings (Part 1-16)
    • Part 1 – General provisions (paras 1-9)
    • Part 2 – Changes in the law (para 10)
    • Part 3 – Rates at which income tax is charged (paras 11-13)
    • Part 4 – Personal reliefs (paras 14-17)
    • Part 5 – Losses (except losses on disposal of shares) (paras 18-37)
    • Part 6 – Losses on disposal of shares (paras 38-57A)
    • Part 7 – Enterprise investment scheme (para 58)
    • Part 8 – Venture capital trusts (paras 59-90)
    • Part 9 – Other reliefs (paras 91-101)
    • Part 10 – Special rules about settlements and trustees (paras 102-104)
    • Part 11 – Special rules about charitable trusts etc. (paras 105-107)
    • Part 12 – Manufactured payments and repos (paras 108-124)
    • Part 13 – Accrued income profits (paras 125-128)
    • Part 14 – Tax avoidance (paras 129-153)
    • Part 15 – Deduction of income tax at source (paras 154-170)
    • Part 16 – Other provisions (paras 171-172)
  • ▸ Schedule 3 Repeals and revocations (Part 1-2)
    • Part 1 – Repeals and revocations: general [ITA 2007 Sch 3 part 1]
    • Part 2 – Repeals having effect in relation to shares issued after 5 April 2007 [ITA 2007 Sch 3 part 2]
  • Schedule 4 Index of defined expressions [ITA 2007 Sch 4]
Part 12 – Accrued income profits / Chapter 2 – Accrued income profits and losses / Interpretation

Interpretation (ss 671-677)

Contents

  • Section 671 – Meaning of “interest” [ITA 2007 s 671] Section commentary
  • Section 672 – Meaning of “interest payment day” [ITA 2007 s 672] Section commentary
  • Section 673 – Meaning of “interest period” [ITA 2007 s 673] Section commentary
  • Section 674 – Meaning of “the settlement day” [ITA 2007 s 674] Section commentary
  • Section 675 – The holding of securities [ITA 2007 s 675] Section commentary
  • Section 676 – Nominal value of securities: general [ITA 2007 s 676] Section commentary
  • Section 677 – Nominal value: foreign currency securities [ITA 2007 s 677] Section commentary

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