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TCTM04612 | Further disregards in the calculation of investment income

From HM Revenue & Customs · Tax Credits Technical Manual

Payments under immediate needs annuities or health and employment insurance payments

The Tax Credits (Definition and Calculation of Income) Regulations, Regulation 10, (2) Table 4, item 13

When calculating investment income, disregard the following:

  • The whole amount of any payment which is exempt from income tax by virtue of s725 of ITTOIA - annual payments under immediate needs annuities.

  • The whole amount of any payment which is exempt from income tax by virtue of s735 of ITTOIA - health and employment insurance payments. (For example: Permanent health insurance policies and employment protection policies).