Income Tax (Trading and Other Income) Act 2005 section 365

Overview of Part 4

Section 365 provides an overview of the various income tax charges on savings and investment income contained in Part 4, together with guidance on exemptions, territorial scope and priority rules.

• Part 4 imposes income tax charges on a range of savings and investment income, including interest, disguised interest, dividends (from both UK and non-UK resident companies), stock dividends, loan releases to participators in close companies, purchased life annuity payments, deeply discounted securities, life insurance gains, transactions in deposits, and sales of foreign dividend coupons
• Exemptions from these charges are dealt with in Part 6, with additional specific exemptions mentioned within individual chapters
• The charges apply to both UK residents and non-UK residents, but non-UK residents are only taxable on income that has a UK source
• The section must be read alongside the priority rules in sections 2 and 366, which determine which charging provision takes precedence where income could fall within more than one category

---