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

Choice Accountants Limited

10 Indigo House
Mulberry Business Park
Fishponds Road
Wokingham
Berkshire
RG41 2GY

Tel: 0118 402 8950
Fax: 0118 402 8959

Cookie Policy

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

 

Accreditation

 

Newsfeed Search