[55B Tax reduction: entitlement]
Income Tax Act 2007 (2007 c 3) | Legislation

[Tax reduction]

[55B  Tax reduction: entitlement]

[(1)     An individual is entitled to a tax reduction for a tax year of the appropriate percentage of the transferable amount if the conditions in subsection (2) are met.

(2)     The conditions are that—

[(a)     the individual is the gaining party (see section 55C(1)(a)) in the case of an election under section 55C which is in force for the tax year,]

(b)     the individual is not, for the tax year, liable to tax at a rate other than the basic rate, [the default basic rate, the savings basic rate,] [the dividend nil rate,] [the Scottish basic rate,] [a Scottish rate below the Scottish basic rate, the Scottish intermediate rate,] [the Welsh

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