Income Tax Act 2007 section 11

Income charged at the default basic rate: non-individuals

Section 11 establishes that non-individual entities (such as trusts and other bodies) are charged income tax at the default basic rate, subject to certain exceptions.

• Non-individual entities pay income tax at the default basic rate as their standard rate of charge.
• Dividend income received by non-individuals is taxed at the dividend ordinary rate instead, under section 14.
• Income of discretionary and accumulation trusts may be charged at the dividend trust rate or the trust rate under Chapters 3 to 5 of Part 9.
• Other provisions in the Income Tax Acts may apply different rates to non-individual income in specific circumstances.