Commentary

E1.461 Transactions in deposit rights—taxation of profits

Personal and employment tax

E1.461 Transactions in deposit rights—taxation of profits

E1.461 Transactions in deposit rights—taxation of profits

Income tax is charged on the full amount of profits or gains arising in a tax year from the disposal of deposit rights on the person receiving or entitled to those profits or gains1. The exercise of a deposit right is a disposal of it2.

Losses

If a person incurs a loss from a disposal of deposit rights, they may claim under ITA 2007, s 154 (see E1.588) to set off the loss against:

  1.  

    •     any interest payable on those deposit rights which is included in the

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