Commentary on Sections Overview Overview Section 967: Calculation of sums representing income tax
2959.This section sets out how to calculate the sums which are required to be deducted and or accounted for under section 966. It is based on sections 555(4) and 558(2) and (3) of ICTA.
2960.Subsection (2) provides that the sums cannot exceed a maximum proportion equivalent to basic rate income tax.
2961.Subsections (3) and (4)  allow the Treasury to make regulations in order to calculate the value of a transfer to which section 966 applies. In particular, the regulations may provide for that amount to be treated as a net amount corresponding to a gross amount from which income tax at the basic rate has been deducted.