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Income and Corporation Taxes Act 1970

Consolidated Text As Enacted Cited authorities 43 Cited in Amendments 1984 Related
Vincent
JurisdictionUK Non-devolved
Citation1970 c. 10
his income shall be computed without any deduction being made on account of the payment, andthe payment shall not form part of the income of the person to whom it is made or of any other person.a payment of interest;a covenanted payment to charity (within the meaning given by section 434(2) below) ;a payment made for bona fide commercial reasons in connection with the individual’s trade, profession or vocation; anda payment to which section 48(1) of the Finance Act 1977 applies.the deceased would have been liable to make the payment if he had not died, andthis section would have applied to the payment if he had made it.(4) A maintenance payment arising outside the United Kingdom shall not be within the charge to tax under Case V of Schedule D if, because of this section, it would not have been within the charge to tax under Case III had it arisen in the United Kingdom; and for this purpose “maintenance payment” means a periodical payment (not being an instalment of a lump sum) which satisfies the conditions set out in paragraphs (a) and (b) of section 5IB(5) below.(5) No deduction shall be made under section 122(1) (b) below on account of an annuity or other annual payment which would not have been within the charge to tax under Case III of Schedule D if it had arisen in the United Kingdom.(6) References in subsection (2) above to an individual include references to a Scottish partnership in which at least one partner is an individual.

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