Part 10Social security income
F1CHAPTER 8High income child benefit charge
681CThe amount of the charge
1
The amount of the high income child benefit charge to which a person (“P”) is liable for a tax year is the appropriate percentage of the total of—
a
any amounts in relation to which condition A is met, and
b
any amounts in relation to which condition B is met.
For conditions A and B, see section 681B.
2
“The appropriate percentage” is—
a
100%, or
b
if less, the percentage determined by the formula—
Where—
ANI is P's adjusted net income for the tax year;
L is £50,000;
X is £100.
3
If—
a
the total of the amounts mentioned in paragraphs (a) and (b) of subsection (1), or the amount of the charge determined under that subsection, is not a whole number of pounds, or
b
the percentage determined under subsection (2)(b) is not a whole number,
it is to be rounded down to the nearest whole number.
Pt. 10 Ch. 8 inserted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by Finance Act 2012 (c. 14), Sch. 1 para. 1