536 Top slicing relieved liability: one chargeable event
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

536  Top slicing relieved liability: one chargeable event

(1)     To calculate an individual's relieved liability for the purposes of section 535(1) for a tax year for which the individual is only liable for tax on a gain from one chargeable event—

Step 1

Find the annual equivalent of the amount of that gain (“the annual equivalent”) by dividing that amount by the number of complete years for which the policy or contract has run before the chargeable event (“N”).

See subsections (2) to (8) for further provisions about calculating N.

Step 2

Find the relieved liability on the annual equivalent by—

(a)     calculating the individual's liability (if any) to income tax on the annual equivalent,

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