TCTM04510 - Payments disregarded in
the calculation of investment income
Disregards
The Tax Credits (Definition and Calculation of Income)
Regulations 2002, Reg. 10(2)
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 section 692, 693 or 750 of ITTOIA (savings certificates
and tax reserve certificates)
- the first £70 in any tax year of
interest on deposits with National Savings and Investments,
exempted from income tax by section 691 of ITTOIA ( National
Savings Bank ordinary account interest) and
- any payment to a claimant which does not
form part of his income for the purposes of income tax by virtue of
section 727 of ITTOIA ( certain annual payments by
individuals)
Further details on disregarded income can be found
atTCTM04601
