(1) Tax is charged under this Chapter on the full amount of the annual payments arising in the tax year.
(2) Subsection (1) is subject to Part 8 (foreign income: special rules).
(3) The amount charged under this Chapter in the case of certain payments made by trustees in the exercise of a discretion is subject to section 687 of ICTA (grossing up of discretionary payments from trusts).
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Foreign Income92Miscellaneous Income93Income Tax Allowances, Deductions & Reliefs93Company Law & Business Entities92Trusts & Trustees95Equity & Trusts95Companies & Corporate Bodies92Income Tax93Trading Income93Administration & Collection of Income Tax93International Tax99Tax Law93Personal Taxes93Overseas Elements of Income Tax99