Commentary on Sections Overview Overview Section 513: Income charged
1535.This section sets out the measure of the income to be charged to tax under section 512. It is based on section 694(2) and (4) of ICTA.
1536.Other than income applied for a property maintenance purpose or for the benefit of a heritage body, the charge is on all the income that has arisen from the time the HMS came into being to the occasion of charge. But if there has been a previous charge to tax under section 512, the period over which income is measured starts from the date of that previous occasion of charge. There is no credit for any other tax charge on any part of the income that has arisen over the relevant period.