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»Ê¹ÚÌåÓýapp Income Tax (Trading and Other Income) Act 2005

»Ê¹ÚÌåÓýapp savings and investment income of individuals and other persons charged to income tax is taxable, for the most part, under Part 4 of the Income Tax (Trading and Other Income) Act 2005. Prior to this, the main charge on interest and similar types of income was under Case III of Schedule D (Income and Corporation Taxes Act 1988/S18).

Part 4 of ITTOIA05 (ITTOIA05/S365 to S573) contains the tax rules for the following types of Savings and Investment Income described in SAIM.

• Interest (including the disposal of the right to interest) - Chapters 2 and 11 of Part 4 (SAIM2000)
• Dividends and other distributions from UK companies (including stock dividends and amounts written off loans from close companies), and foreign dividends - Chapters 3 to 6 and 13 of Part 4 (SAIM5000)
• Profits from deeply discounted securities - Chapter 8 of Part 4 (SAIM3000)
• Artificial transactions in futures and options - Chapter 12 of Part 4 (SAIM7000)

Other statutory rules

Although Part 4 of ITTOIA05 covers most of the types of income dealt with in SAIM, some topics are taxed under other parts of ITTOIA05 or under the Income Tax Act 2007 (ITA07).

• »Ê¹ÚÌåÓýapp Accrued Income Scheme - Part 12 of ITA07 (SAIM4000).
• Income from unit trusts and other forms of collective investment scheme - Chapter 9 of Part 9 ITA07 (and Chapter 10 of Part 4 of ITTOIA05) (SAIM6000).
• Annual payments - Chapter 7 of Part 5 of ITTOIA05 (SAIM8000).
• Deduction of tax from savings and investment income and annual payments - Part 15 of ITA07 (SAIM9000). »Ê¹ÚÌåÓýappse rules also apply to corporate taxpayers (SAIM1010).
• Relief for interest payments - Chapter 1 of Part 8 of ITA07 (SAIM10000)
• Transfer of Income Streams - Chapter 5 of Part 13 of ITA07 (SAIM11000)
• Peer to Peer lending - Chapter 1A of Part 8 of of ITA07 (SAIM12000)