Section 530 | Income tax treated as paid etc.

(1)An individual or trustees who are liable for tax on an amount under this Chapter are treated as having paid income tax at the savings basic rate on that amount.^F1

(2)The income tax treated as paid under subsection (1) is not repayable.

(3)The amount on which an individual is treated under subsection (1) as having paid income tax is reduced if subsection (4) applies.

(4)This subsection applies if the individual's total income is reduced by any deductions which fall to be made at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability) from the part of the income charged to tax under this Chapter.^F2

(5)The reduction under subsection (3) is equal to the amount of those deductions.

(6)Repealed^F3

(7)This section is subject to section 531.