Income Tax (Trading and Other Income) Act 2005 section 623

Calculation of income

Section 623 ensures that when an individual is taxed on income attributed to them under the settlements legislation, they can claim the same deductions and reliefs as if they had actually received that income directly.

• Applies to individuals charged to tax under the settlements chapter
• Allows the same deductions and reliefs as if the income had been received directly by the individual
• Ensures the individual is not disadvantaged by having income attributed to them rather than received by them
• The effect is that the individual is taxed as though they personally received the settlement income