Finance (Local Property Tax) Act 2012 section 130

Interpretation (Part 12)

Section 130 defines the key terms used in Part 12, which deals with the deferral of local property tax in certain circumstances.

  • Gross income means total income from all sources before deductions or exemptions, but excluding child benefit.
  • An insolvency arrangement covers both Debt Settlement Arrangements and Personal Insolvency Arrangements under the Personal Insolvency Act 2012.
  • A relevant event is either the sale of a property where a deferral has been claimed or the completion (or early termination) of an insolvency arrangement.
  • A windfall gain includes winnings, gifts, inheritances and capital sums of any kind.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member