Tax Relief: Individual Investors - determination of Income Tax liability
ITA/s335; ITA/s23; ITA/s27
The steps to be taken when calculating an individual’s liability to Income Tax are set out in Section 23 of Income Tax Act 2007. The tax reduction due under the CITR scheme is brought in at Step 6 of the calculation set out there. Where an individual may make claim to a number of tax reducing reliefs Section 27(4) sets out the order of priority for giving effect to those reliefs.