Commentary

E1.520 Introduction to exempt income

Personal and employment tax

E1.520 Introduction to exempt income

Exempt income

E1.520 Introduction to exempt income

Certain types of income are specifically exempted from tax by the legislation. ITTOIA 2005, ss 690–783 (Pt 6) provides exemptions in respect of1:

  1.  

    •     national savings income (see E1.522)

  2.  

    •     income from individual investment plans (see E1.524)

  3.  

    •     SAYE interest (see E1.531)

  4.  

    •     venture capital trust dividends (see E1.535)

  5.  

    •     income from FOTRA securities (see E1.539)

  6.  

    •     purchased life annuity payments (see E1.543)

  7.  

    •     other annual payments (see E1.551)

  8.  

    •     other income (see E1.562 onwards)

How is the income tax exemption applied?

The general rule is that, unless there is a specific provision

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