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Chapter SAIM1010

Document Cited authorities 1 Cited in Related
Vincent
Published date19 March 2016
Record NumberSAIM1010
CourtHM Revenue & Customs
IssuerHM Revenue & Customs
What is in the SAIM

The Savings and Investment Manual (“SAIM”) explains the taxation of various types of savings and investment income of individuals and trusts, other than that received in the course of a trade.

The income dealt with in SAIM covers

  • interest and other types of return received on cash deposits in bank and building society accounts, Government securities, and corporate bonds;
  • dividends and other distributions received on shares and other types of equity holdings in a company, including amounts received by investors in UK Real Estate Investment Trusts (UK REITs - but see the REIT Manual for the taxation of the REIT itself);
  • amounts that may be taxed as income although they may appear to be in the nature of a capital return
  • amounts received by members of collective investment schemes such as unit trusts;
  • ‘annual payments’.
The layout of the SAIM

The tax rules governing the most common type of investment income, namely interest, are in SAIM2000.

Some investments in securities give an interest-like return in the form of a discount. These are known as ‘deeply discounted securities’. See SAIM3000.

Special rules ensure that accrued amounts on certain securities are taxed as interest and not as capital gains. This is the Accrued Income Scheme. See SAIM4000.

The tax rules on the dividends and other distributions from companies are set out in SAIM5000.

Equity investments in companies are often held in the form of collective investment schemes. The tax rules affecting investors in such schemes are explained in SAIM6000.

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