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Hi,
I studying F6 on self study basis for sep 2016.
I have confusion regarding the under standing the following.1.1 Exempt Income
The following are the main examples of sources of income that are exempt from income tax
(a) Interest or bonuses on National Savings & Investment Certificates
(b) Interest and dividends within an Individual Savings Account [ISA]
(c) Gaming, lottery and premium bond winnings2.2 Taxable interest received Gross:
(a) National Savings & Investment (NSI) Bank Interest
(b) Government Stock Interest (Gilts), such as Treasury Stock, Exchequer stockIn one section saying that 1.1 is exempt but in the following section saying that it is taxable.
Could you please explain the difference between two of them?
Thanks
yusaf
These are TWO different lists, 1.1 as per the heading lists the main examples of exempt income, whereas 2.2 lists sources of taxable interest income that are received gross by the taxpayer and is a DIFFERENT list!
The notes do not say that any one source of income is both exempt and taxable!!
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