[414A Tax reduction or charge if basic rate, and devolved basic rate, differ]
Income Tax Act 2007 (2007 c 3) | Legislation

[414A  Tax reduction or charge if basic rate, and devolved basic rate, differ]

[(1)     Subsections (3) and (4) apply if an individual makes a gift to a charity which is a qualifying donation, and for the tax year in which the gift is made—

(a)     the individual is a Scottish taxpayer or a Welsh taxpayer,

(b)     there is a difference between—

(i)     the applicable devolved basic rate, and

(ii)     the basic rate, and

(c)     any of the individual's income is liable to the applicable devolved basic rate.

(2)     In this section—

““the applicable devolved basic rate”—

(a)     is the Scottish basic rate if the individual is a Scottish taxpayer, and

(b)     is

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Removal of a director

Removal of a directorThis note should be read in conjunction with Practice Note: Appointment, retirement and resignation of a director.For an illustration of the steps that must be taken to remove a director, see Removal of a director—flowchart.Removal from officeResolution to remove a directorA

LEXISNEXIS

Possession with intent to supply

Possession with intent to supplyPossession with intent to supply a controlled drugIt is an offence for a person to have a controlled drug in his possession, whether lawfully or not, with intent to supply it to another in contravention of section 4(1) of the Misuse of Drugs Act 1971 (MDA

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece