Section 967 | Calculation of sums representing income tax

(1)The sums representing income tax mentioned in section 966(3) and (4) are to be calculated in accordance with prescribed rules.

(2)But the sums must not exceed the relevant proportion of the payment concerned or of the value of what is transferred.

(3)Regulations made by the Treasury may provide, in relation to a transfer to which section 966 applies, that for the purposes of the Tax Acts the value of what is transferred is to be calculated in accordance with prescribed rules.

(4)In particular, rules may include provision—

(a)for the calculation of an amount representing the actual value of what is transferred,

(b)for that amount to be treated as a net amount corresponding to a gross amount from which income tax at the basic rate has been deducted, and

(c)for the gross amount to be taken to be the value of what is transferred.