[539 Relief for deficiencies]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Deficiencies

[539  Relief for deficiencies]

[(1)     An individual is entitled to a tax reduction for a tax year in which a deficiency arises from a policy or contract on a chargeable event if—

(a)     the condition in subsection (2) is met,

(b)     the individual would (apart from this section) be liable to income tax at [one or more] [relevant rates] for the tax year, and

(c)     the individual makes a claim.

(2)     The condition is that, if a gain had arisen instead on the chargeable event—

(a)     the individual would have been liable to income tax on the gain for the year, or

(b)     the individual would have been so liable apart from the requirement in section 465(1) that the individual must be UK resident

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