ITTOIA 2005 definition
Examples of ITTOIA 2005 in a sentence
Dividends and other income distributions paid or deemed to be paid to UK resident individual shareholders in respect of Shares in the Fund which are deemed to be ‘bond funds’ may be taxed as ‘interest’ as opposed to ‘dividends’ under Chapter 2 of Part 4 of the Income Tax (Trading and Other Income) ▇▇▇ ▇▇▇▇ (ITTOIA 2005) and the Dividend Allowance would not be relevant .
Dividends and other income distributions paid or deemed to be paid to UK resident individual shareholders in respect of Shares in the Fund which are deemed to be ‘bond funds’ may be taxed as ‘interest’ as opposed to ‘dividends’ under Chapter 2 of Part 4 of the Income Tax (Trading and Other Income) ▇▇▇ ▇▇▇▇ (ITTOIA 2005) and the Dividend Allowance would not be relevant.
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.
If sections 502B – G ICTA 1988 or sections 148A – F ITTOIA 2005 are applied where the long funding lease is claimed to be on trading account then please submit the case to CTIAA.
Whilst HMRC does not agree that the type of arrangement referred to in BLM64020 – insert hyperlink had the effect claimed, new legislation at section 60A CTA 2009 and section 55B ITTOIA 2005 was introduced to put the matter beyond doubt.