[259BC The basic rules]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[Ordinary income]

[259BC  The basic rules]

[(1)     This section has effect for the purposes of this Part.

(2)     “Ordinary income” means income that is brought into account, before any deductions, for the purposes of calculating the income or profits on which a relevant tax is charged (“taxable profits”).

(3)     But an amount of income is not brought into account for those purposes to the extent that[—

(a)     it is charged to the relevant tax at a nil rate, or

(b)     it is excluded, reduced or offset by any exemption, exclusion, relief, or credit—

(i)     that applies specifically to all or part of the amount of income (as opposed to ordinary income generally), or

(ii)     that arises as a result of, or otherwise in connection with, a payment

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