Examples of ITTOIA in a sentence
The tax rates applying will be those applying to interest (section 378A ITTOIA 2005).
Any bonus or interest payable under a savings contract qualifies for exemption for tax purposes in accordance with the terms of section 702 of ITTOIA 2005 and section 271(4) of the Taxation of Chargeable Gains Act 1992.
The first is where those receipts are below the rent-a-room relief limit given in section 789 ITTOIA and the individual makes an election under section 799 to dis-apply the full rent-a-room relief for the tax year.
In ITTOIA 2005, omit section 385A (no charge to income tax on purchase by company of exempt employee shareholder shares).
In this section “individual savings account policy” means a policy of life insurance which is an investment of a kind specified in regulations made as a result of section 695(1) of ITTOIA 2005.
Section 88 of ITTOIA 2005 (income tax deduction for payments to research associations etc.) is amended as follows.
The opportunity has been taken to clarify the way in which reliefs under sections 446 and 454 of ITTOIA work.
And top-slicing relief under section 535 of ITTOIA cannot give a greater tax reduction than the tax increase resulting from including the gain concerned within total income.
Under these rules, dividends and other income distributions paid or deemed to be paid to UK resident and domiciled individual Shareholders in respect of Shares in the Company which are deemed to be 'bond funds' may instead be taxed as 'interest' (as opposed to 'dividends'), under Chapter 2 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005) and the Dividend Allowance would not be relevant..
That Act amended section 392 of ICTA (which operates by reference to section 836B of ICTA, also inserted by Schedule 1 to ITTOIA).