Miscellaneous income
04/08/2022

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific provisions to Income Tax or Corporation Tax.

Amongst the types of income covered are:

  • payment for a service where it was agreed that the service would be provided for reward.
  • income received under an agreement or arrangement, which is not otherwise taxable.
  • payment for the use of money that is not interest or does not fall within the loan relationships legislation.

HMRC is keen to stress that although the provisions are sweep-up provisions, this does not make all miscellaneous income taxable.

Specifically, the provisions do not tax:

  • capital accretions on isolated transactions in assets.
  • voluntary receipts such as gifts and gratuities.
  • gambling winnings from wagers and bets.
  • certain post-cessation receipts.

CONTACT US

Bath Office
6 Gay Street
Bath
BA1 2PH
Tel: 01225 445196

Salisbury Office
Suite1, 24-25 Barnack Business Centre
Blakey Road
Salisbury
SP1 2LP

Email: enquiries@berkeleybate.co.uk

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Registered Name: Berkeley Bate Ltd Registered Company no: 7581153 Registered in the UK 
Registered Address: – Suite 1, 24-25 Barnack Business Centre, Blakey Road, Salisbury, SP1 2LP
VAT Registration No: 109 8958 67 16