116MCalculation of RSA category A amount

116M Calculation of RSA category A amount

(1) This section sets out how to calculate the RSA category A amount of an RSA provider’s RSA combined component. (2) The RSA category A amount of an RSA provider is the sum of:

(a) all taxable contributions made; and

(b) other amounts (other than contributions) credited;

during the year of income, to RSAs provided by the RSA provider, reduced by any amounts paid from the RSA other than benefits paid to, or in respect of, the holder of the RSA. (3) In calculating the RSA category A amount, any amount of tax paid in respect of an RSA is taken not to have been an amount paid from the RSA. (4) In calculating the sum, the amounts set out in subsections (5) and (6) are taken not to have been credited. (5) Amounts credited to an RSA where an annuity was paid from the RSA in respect of so much of the year of income as the RSA existed. (6) Where an annuity was being paid from an RSA in respect of a part, but not the whole, of so much of the year of income as the RSA existed, amounts worked out using the following formula:

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