The Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2007

• Citation: S.I. 2007/1305
• Sections: 8

Section 1 Citation and commencement

These Regulations may be cited as the Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2007 and shall come into force on 16th May 2007.

Section 2 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

The Tax Credits (Definition and Calculation of Income) Regulations 2002 are amended as follows.

Section 3 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

In regulation 2(2) (interpretation) after the definition of “the Independent Living (1993) Fund” insert—

“ITA” means the Income Tax Act 2007 ;

Section 4 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1) Regulation 3 (calculation of income of claimant) is amended as follows.

(2) In paragraph (7)(b) for “section 25 of the Finance Act 1990 (donations to charity by individuals)” substitute “Chapter 2 of Part 8 of ITA (gift aid)”.

(3) In paragraph (8)(b) for “section 379A(2) and (3) of the Taxes Act” substitute “section 120 of ITA (deduction of property losses from general income)”.

Section 5 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1) Regulation 8 (student income) is amended as follows.

(2) In paragraph (d) for sub-paragraphs (i) and (ii) substitute—

(i) under regulation 22 of the Assembly Learning Grants and Loans (Higher Education) (Wales) Regulations 2006 in relation to an academic year which begins on or after 1st September 2006 but before 1st September 2007; or

(ii) under regulation 26 of the Assembly Learning Grants and Loans (Higher Education) (Wales) Regulations 2007 in relation to an academic year which begins on or after 1st September 2007.

Section 6 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1) Regulation 11 (property income) shall be amended as follows.

(2) In paragraph (3)—

(a) for “of section 379A of the Taxes Act” substitute “contained in sections 118 (carry forward against subsequent property business profits) and 119 (how relief works) of ITA” ; and

(b) for the words “subsection (1) of that section” substitute “those sections”.

Section 7 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1) Regulation 12 (foreign income) shall be amended as follows.

(2) In paragraph (4)—

(a) for “of section 379A of the Taxes Act apply by virtue of section 379B of that Act” substitute “contained in sections 118 (carry forward against subsequent property business profits) and 119 (how relief works) of ITA apply”;

(b) for “section 379A(1)” substitute “those sections”.

Section 8 Amendments of the Tax Credits (Definition and Calculation of Income) Regulations 2002

(1) Regulation 14 (claimants treated for any purpose as having income by virtue of the Income Tax Acts) shall be amended as follows.

(2) In paragraph (2) omit the following sub-paragraphs—

(a) (a)(xi) (section 730A);

(b) (a)(xii) (section 739);

(c) (a)(xiii) (section 740); and

(d) (a)(xv) (section 776).

(3) After sub-paragraph (2)(b) insert—

(ba) the following provisions of ITA—

(i) Chapter 5 of Part 11 (price differences under repos);

(ii) Chapter 2 of Part 13 (transfer of assets abroad); and

(iii) Chapter 3 of Part 13 (transactions in land).