Chapter TCM0120080
| Published date | 09 April 2016 |
| Record Number | TCM0120080 |
| Court | HM Revenue & Customs |
| Issuer | HM Revenue & Customs |
Investment income is
- any interest of money
- whether yearly or otherwise
or - any annuity or other annual payment, whether it’s payable within or out of the UK, either as a charge on any property of a person paying it by virtue of any deed or will or otherwise, or as a reservation out of it
or - as a personal debt of obligation by virtue of any contract
or - whether the payment is received and payable half yearly or at any shorter or longer period, but not including property income.
- whether yearly or otherwise
- any discounts on securities.
- any income from securities payable out of public revenues of the UK or Northern Ireland.
- dividends and other distributions of a company resident in the UK and the accompanying tax credits.
- gains from life insurance policies and so on that are chargeable to income tax under Chapter 9 of Part 4 of ITTOIA 2005, but disregarding top slicing relief under Section 535 of ITTOIA.
When calculating investment income disregard the following in full
- any income arising from savings certificates and interest on tax reserve certificates exempted from tax by Sections 693, 693 and 750 of ITTOIA 2005
- the first £70 in any tax year of interest on deposits with National Savings and Investments, exempted from income tax by Section 91 of ITTOIA 2005
and - any payment to a customer that doesn’t form part of his income for the purposes of income by virtue of Section 727 of ITTOIA 2005
- any interest on a payment made under, or in connection with, the Windrush Compensation Scheme by the Home Office, for the period beginning on the date on which the payment is made and ending 52 weeks after that date
and disregard the following
- any interest, dividends distributions, profits or gains from
- a Personal Equity Plan (PEP)
- an Individual Savings Account (ISA)
- any Help to Save Bonus
- any terminal bonus, or interest or other sum payable under a share option scheme which is a certified contractual savings scheme
- any winnings from betting, including pool betting, lotteries or games with prizes
- any interest on a payment of £10,000 made by the Secretary of State to a person who was a prisoner of war of the Japanese during the Second World War or to their spouse if the payment is held in a distinct account and no payment, apart from the interest, has been added to it
- any interest on a payment of compensation to a victim of National Socialism (that is, a former slave or forced labourer) if the payment is held in a distinct account and no payment, apart from the...
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