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Income Tax Act 2007 (c. 3)

(The document as of February, 2008)

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Page 60

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(c) in the entry for "distribution", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007",

(d) in the entry for "farming", in the second column, for "section 832(1) of ICTA" substitute "section 996 of ITA 2007",

(e) in the entry for "generally accepted accounting practice", in the second column, for "section 50(1) of the Finance Act 2004" substitute "section 997 of ITA 2007",

(f) in the entry for "notice", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007",

(g) in the entry for "offshore installation", in the second column, for "section 837C of ICTA" substitute "sections 1001 and 1002 of ITA 2007",

(h) in the entry for "ordinary share capital", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007",

(i) in the entry for "personal representatives", in the second column, for "section 721(1)" substitute "section 989 of ITA 2007",

(j) in the entry for "51% subsidiary", in the second column, for "section 838(1) of ICTA" substitute "section 989 of ITA 2007",

(k) in the entry for "tax", in the second column, at the end insert "(as applied by section 989 of ITA 2007)",

(l) in the entry for "tax year", in the second column, for "section 721(1)" substitute "section 4(2) of ITA 2007 (as applied by section 989 of that Act)",

(m) in the entry for "trade", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007", and

(n) in the entry for "United Kingdom", in the second column, for "section 830 of ICTA" substitute "section 1013 of ITA 2007".

Finance Act 2003 (c. 14)

451 The Finance Act 2003 is amended as follows.

452 Omit section 151 (non-resident companies: extent of charge to income tax).

453 In section 152 (non-resident companies: transactions carried out through broker, investment manager or Lloyd's agent) omit paragraph (b) and the word "and" before it.

454 In section 153(2)(a) (general replacement of references to branch or agency of company) for "paragraphs 3 and 4" substitute "paragraph 4".

455 In paragraph 1(2) of Schedule 26 (non-resident companies: transactions through broker, investment manager or Lloyd's agent) omit paragraph (b) and the word "and" before it.

Finance Act 2004 (c. 12)

456 The Finance Act 2004 is amended as follows.

457 In section 50 (generally accepted accounting practice) for "the Tax Acts" wherever occurring substitute "the Corporation Tax Acts".

458 In section 51 (use of different accounting practices within a group of companies) for subsection (5) substitute--

" (5) In this section "tax advantage" has the meaning given by section 840ZA of the Taxes Act 1988. "

459 In section 59 (construction industry scheme: contractors) after subsection (7) insert--

" (8) This section is subject to section 73A (designated international organisations: exemption from section 59). "

460 In section 65 (change in control of company registered for gross payment) for subsection (3) substitute--

" (3) In this section references to a change in the control of a company are references to such a change determined in accordance with section 995 of the Income Tax Act 2007. "

461 After section 73 (regulations under this Chapter: supplementary) insert--

" 73A Designated international organisations: exemption from section 59

(1) The Treasury may by order designate for the purposes of this section any international organisation of which the United Kingdom is a member.

(2) Section 59 does not apply to an organisation which is so designated. "

462 (1) Amend section 83 (giving through the self-assessment return) as follows.

(2) Omit subsections (1) to (3).

(3) For subsections (4) and (5) substitute--

" (4) A charitable company is treated as having made a claim for any exemption to which it may be entitled under section 505(1)(c)(ii) of the Taxes Act 1988 (charities: exemption from tax under Case III of Schedule D) if--

(a) it receives a gift as a result of a direction under section 429(2) of the Income Tax Act 2007 (giving through self-assessment return), and

(b) as a result of section 429(4) of that Act, the gift is treated as a qualifying donation for the purposes of Chapter 2 of Part 8 of that Act (gift aid).

(5) In this section "charitable company" means any body of persons established for charitable purposes only. "

463 Omit sections 101 (payment of royalties without deduction at source) and 102 (claim for tax deducted at source from exempt interest or royalty payments).

464 Omit sections 119 to 123 (individuals benefited by film relief).

465 Omit sections 126 to 130 (individuals in partnership: exit charge).

466 In section 155(6)(a) and (b) (persons by whom scheme may be established: supplementary) for "section 840A(1)(b) of ICTA" substitute "section 991(2)(b) of ITA 2007".

467 In section 161 (meaning of "payment" etc) for subsection (8) substitute--

" (8) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

468 (1) Amend section 162 (meaning of "loan") as follows.

(2) In subsection (2)(a) for "section 841 of ICTA" substitute "section 1005 of ITA 2007".

(3) For subsection (6) substitute--

" (6) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

469 In section 172A (surrender) for subsection (11) substitute--

" (11) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

470 In section 172B (increase in rights of connected person on death) for subsection (9) substitute--

" (9) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

471 In section 172C (allocation of unallocated employer contributions) for subsection (7) substitute--

" (7) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

472 In section 172D (limit on increase in benefits) for subsection (6) substitute--

" (6) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

473 (1) Amend section 189 (relevant UK individual) as follows.

(2) In subsection (2)--

(a) omit the "and" immediately after paragraph (b),

(b) after paragraph (b) insert--

" (ba) income which is chargeable under Part 3 of ITTOIA 2005 and is immediately derived from the carrying on of a UK furnished holiday lettings business (whether individually or as a partner acting personally in a partnership), and " , and

(c) for paragraph (c) substitute--

" (c) income to which subsection (2A) applies. "

(3) After subsection (2) insert--

" (2A) This subsection applies to income if--

(a) it is patent income, and

(b) the individual, alone or jointly, devised the invention for which the patent in question was granted. "

(4) After subsection (4) insert--

" (5) "UK furnished holiday lettings business" means a UK property business so far as consisting of the commercial letting of furnished holiday accommodation (within the meaning of Chapter 6 of Part 3 of ITTOIA 2005).

(6) If there is a letting of accommodation only part of which is holiday accommodation, just and reasonable apportionments are to be made for the purpose of determining what is comprised in a UK furnished holiday lettings business.

(7) "Patent income" means--

(a) royalties or other sums paid in respect of the use of a patent charged to tax under section 579 of ITTOIA 2005,

(b) amounts on which tax is payable under section 587 or 593 of ITTOIA 2005, or

(c) amounts on which tax is payable under--

(i) section 472(5) of the Capital Allowances Act, or

(ii) paragraph 100 of Schedule 3 to that Act. "

474 In section 192 (relief at source) omit subsection (5).

475 In section 193(6) (relief under net pay arrangements)--

(a) for "from the total income" substitute "in calculating the net income", and

(b) at the end insert "(see Step 2 of the calculation in section 23 of ITA 2007)".

476 In section 194(1) (relief on making of claim)--

(a) for "from the total income" substitute "in calculating the net income", and

(b) at the end insert "(see Step 2 of the calculation in section 23 of ITA 2007)".

477 In section 266A (member's liability) for subsection (7) substitute--

" (7) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

478 In section 273 (members liable as scheme administrator) for subsection (11) substitute--

" (11) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

479 In section 278 (market value) for subsection (4) substitute--

" (4) For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

480 (1) Amend section 279 (other definitions) as follows.

(2) In subsection (1)--

(a) omit the definition of "charity",

(b) after the definitions of "pension credit" and "pension debit" insert "and", and

(c) omit the words after the definition of "pension sharing order or provision".

(3) After that subsection insert--

" (1A) In this Part, so far as it forms part of the Corporation Tax Acts, expressions which are defined for the purposes of the Income Tax Acts are to be given the same meaning as they have in the Income Tax Acts. "

481 (1) Amend section 280 (abbreviations and general index) as follows.

(2) In subsection (1) omit the "and" immediately before the definition of "ITTOIA 2005" and after that definition insert " , and

"ITA 2007" means the Income Tax Act 2007. "

(3) In subsection (2)--

(a) in the entry for "basic rate", in the second column, for "section 832(1) of ICTA" substitute "section 6(2) of ITA 2007 (as applied by section 989 of that Act)",

(b) in the entry for "basic rate limit", in the second column, for "section 832(1) of ICTA" substitute "section 20(2) of ITA 2007 (as applied by section 989 of that Act)",

(c) in the entry for "chargeable gain", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007",

(d) in the entry for "charity", in the second column, for "section 279(1)" substitute "section 989 of ITA 2007",

(e) in the entry for "company", in the second column, for "section 832(1) of ICTA" substitute "section 992 of ITA 2007",

(f) in the entry for "higher rate", in the second column, for "section 832(1) of ICTA" substitute "section 6(2) of ITA 2007 (as applied by section 989 of that Act)",

(g) after the entry for "money purchase benefits" insert--

" net incomesection 23 of ITA 2007 (as applied by section 989 of that Act), "

(h) in the entry for "period of account", in the second column, for "section 832(1) of ICTA" substitute "section 989 of ITA 2007",

(i) in the entry for "personal representatives", in the second column, for "section 279(1)" substitute "section 989 of ITA 2007",

(j) in the entry for "property investment LLP", in the second column, for "section 842B of ICTA" substitute "section 1004 of ITA 2007",

(k) in the entry for "retail prices index", in the second column, for "section 279(1)" substitute "section 989 of ITA 2007",

(l) in the entry for "tax year", in the second column, for "section 279(1)" substitute "section 4(2) of ITA 2007 (as applied by section 989 of that Act)",

(m) in the entry for "the tax year 2006-07 etc", in the second column, for "section 279(1)" substitute "section 4(4) of ITA 2007 (as applied by section 989 of that Act)", and

(n) in the entry for "total income" for "section 835 of ICTA" substitute "section 23 of ITA 2007 (as applied by section 989 of that Act)".

482 (1) Amend Schedule 15 (charge to income tax on benefits received by former owner of property) as follows.

(2) For paragraph 2 substitute--

" 2 (1) For the purposes of this Schedule whether a person is connected with another person is determined in accordance with section 993 of the Income Tax Act 2007.

(2) But for those purposes sections 993 and 994 of that Act are to be read as if in those sections--

(a) "relative" included uncle, aunt, nephew and niece, and

(b) "settlement", "settlor" and "trustee" had the same meanings as in IHTA 1984. "

(3) In paragraph 9(1) for paragraph (c) substitute--

" (c) sections 720 to 730 of the Income Tax Act 2007, " .

483 In paragraph 4 of Schedule 27 (meaning of "offshore installation") for "sections 573 and 574" substitute "section 573".

484 In paragraph 4 of Schedule 29A (investment-regulated pension schemes) for sub-paragraph (2) substitute--

" (2) For the purposes of sub-paragraph (1) whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

485 In paragraph 11D of Schedule 36 (transitional provisions) for sub-paragraph (5) substitute--

" (5) For the purposes of this paragraph whether a person is connected with another person is determined in accordance with section 993 of ITA 2007. "

Pensions Act 2004 (c. 35)

486 The Pensions Act 2004 is amended as follows.

487 In Schedule 3 (restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions), in the entry relating to the Commissioners of Inland Revenue or their officers--

(a) omit the "or" immediately after paragraph (f), and

(b) in the second column after paragraph (g) insert " or--

(h) the Income Tax Act 2007 (so far as relating to functions previously exercised under the Income and Corporation Taxes Act 1988). "

488 In Schedule 8 (restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions), in the entry relating to the Commissioners of Inland Revenue or their officers--

(a) omit the "or" immediately after paragraph (e), and

(b) in the second column after paragraph (f) insert " or--

(g) the Income Tax Act 2007 (so far as relating to functions previously exercised under the Income and Corporation Taxes Act 1988). "

Constitutional Reform Act 2005 (c. 4)

489 The Constitutional Reform Act 2005 is amended as follows.

490 In paragraph 4 of Schedule 7 (protected functions of the Lord Chancellor) at the end of Part A (general) insert--

  • " Income Tax Act 2007

  • Section 704(1) " .

491 In the table in Part 3 of Schedule 14 (appointments by the Lord Chancellor: offices to which paragraph 2(2)(d) of Schedule 12 to the Act applies) at the end add--

" Chairman of section 704 tribunalSection 704(1) of the Income Tax Act 2007
Member of section 704 tribunal "

Income Tax (Trading and Other Income) Act 2005 (c. 5)

492 The Income Tax (Trading and Other Income) Act 2005 is amended as follows.

493 In section 1 (overview of Act) omit subsection (2).

494 In section 12(3) (profits of mines etc) for "Chapter 1 of Part 10 of ICTA" substitute "Part 4 of ITA 2007".

495 (1) Amend section 13 (visiting performers) as follows.

(2) In subsection (8) omit the definitions of "payment" and "transfer".

(3) After that subsection insert--

" (9) In this section and section 14--

(a) references to a payment include references to a payment by way of loan of money, and

(b) references to a transfer do not include references to a transfer of money but, subject to that, include references to--

(i) a temporary transfer (as by way of loan), and

(ii) a transfer of a right (whether or not a right to receive money).

(10) This section does not apply to payments or transfers of a kind prescribed in regulations under section 966(6) of ITA 2007. "

496 In section 17(3) (effect of becoming or ceasing to be a UK resident) for "set off under section 385 of ICTA against" substitute "deducted under section 83 of ITA 2007 from".

497 Omit section 51 (patent royalties).

498 (1) Amend section 52 (exclusion of double relief for interest) as follows.

(2) In subsections (1), (5) and (6) for "section 353 of ICTA" substitute "section 383 of ITA 2007".

(3) In subsection (6) for "section 368(3) of ICTA" substitute "section 387(2) and (3) of that Act".

499 In section 87(5) (expenses of research and development) for "section 837A of ICTA" substitute "section 1006 of ITA 2007".

500 In section 108(4) (gifts of trading stock etc to charities) omit paragraphs (c) and (d).

501 In section 179(a) (connected persons) for "section 839 of ICTA" substitute "section 993 of ITA 2007".

502 (1) Amend section 232 (treatment of trading adjustment income) as follows.

(2) In subsection (3) for "Chapter 1 of Part 10 of ICTA" substitute "Part 4 of ITA 2007".

(3) In subsection (4) for the words from "the trade" to the end substitute "the trade is relevant UK earnings within section 189(2)(b) of FA 2004, adjustment income is similarly relevant UK earnings."

503 In section 248(3) (debts paid after cessation)--

(a) for "section 109A(4) or (4A) of ICTA" substitute "section 96 of ITA 2007", and

(b) after "expenditure)" insert "as a result of subsection (1)(b) of that section".

504 (1) Amend section 250 (receipts relating to post-cessation expenditure) as follows.

(2) In subsection (1) for "section 109A of ICTA" substitute "section 96 of ITA 2007".

(3) In subsection (2)--

(a) in paragraph (a) for "section 109A(2)(a) or (b) of ICTA" substitute "section 97(2) or (3) of ITA 2007",

(b) in paragraph (b) for "section 109A(2)(c) of ICTA" substitute "section 97(4) of ITA 2007", and

(c) in paragraph (c) for "section 109A(2)(d) of ICTA" substitute "section 97(5) of ITA 2007".

505 In section 254(3)(b) (allowable deductions) for "section 90(4) of FA 1995" substitute "section 261D of TCGA 1992".

506 (1) Amend section 256 (treatment of post-cessation receipts) as follows.

(2) In subsection (1)(b) omit "earned income within section 833(4)(c) of ICTA or".

(3) In subsection (2) omit "earned income or".

507 In section 272(2) (profits of a property business: application of trading income rules), omit the entry in the table relating to section 51.

508 In section 322(2) (commercial letting of furnished holiday accommodation)--

(a) omit paragraphs (b) and (c), and

(b) for paragraph (f) and the "and" immediately before that paragraph substitute--

" (f) section 189(2)(ba) of FA 2004 (meaning of "relevant UK earnings" for pension purposes),

(g) Part 4 of ITA 2007 (loss relief: see section 127 of that Act), and

(h) section 836(3) of ITA 2007 (jointly held property: see exception D). "

509 In section 327(2)(b) (capital allowances and loss relief) for "Chapter 1 of Part 10 of ICTA" substitute "Part 4 of ITA 2007".

510 (1) Amend section 328 (earned income and relevant UK earnings for pension purposes) as follows.

(2) In subsection (2) for "treated as" to the end substitute "relevant UK earnings within section 189(2)(ba) of FA 2004."

(3) In the sidenote omit "Earned income and".

511 In section 333(3) (treatment of property business adjustment income) for "Chapter 1 of Part 10 of ICTA" substitute "Part 4 of ITA 2007".

512 In section 354(2) (other rules about what counts as a "post-cessation receipt")--

(a) after "section 248 (debts paid after cessation)" insert "(reading the reference in subsection (3) to section 96 of ITA 2007 as a reference to section 125 of that Act)", and

(b) after "section 250 (receipts relating to post-cessation expenditure)" insert "(reading the reference in subsection (1) to section 96 of ITA 2007 as a reference to section 125 of that Act)".

513 In section 369(4) (charge to tax on interest) for the words from "sections 714(5)" to the end substitute "Chapter 3 of Part 12 of ITA 2007 (exemption for interest on securities to which Chapter 2 of that Part applies)".

514 In section 372(2) (building society dividends) for the words from "has" to the end substitute "includes any distribution (whether or not described as a dividend)".

515 (1) Amend section 397 (tax credits for qualifying distributions: UK residents and eligible non-UK residents) as follows.

(2) In subsection (2) omit paragraph (b) and the "or" immediately before it.

(3) In subsection (4) after "ICTA" insert "or section 56(3) of ITA 2007".

(4) In subsection (6) for the words from "section 231AA" to "umbrella scheme)," substitute--

  • " section 504(4) of ITA 2007 (disapplication of certain provisions for income of unauthorised unit trusts),

  • section 592 of ITA 2007 (no tax credits for borrower under stock lending arrangement),

  • section 593 of ITA 2007 (no tax credits for interim holder under repo),

  • section 594 of ITA 2007 (no tax credits for original owner under repo), " .

516 (1) Amend section 399 (qualifying distributions received by persons not entitled to tax credits) as follows.

(2) In subsection (4) for the words from "and the distribution" to "treated" substitute ", the amount or value of the distribution is treated for the purposes of Chapters 3, 4 and 6 of Part 9 of ITA 2007 (special rates for trustees' income)".

(3) In subsection (7) for the words from "section 231AA(1A)" to the end substitute--

  • " section 504(4) of ITA 2007 (disapplication of certain provisions for income of unauthorised unit trusts),

  • section 592 of ITA 2007 (no tax credits for borrower under stock lending arrangement),

  • section 593 of ITA 2007 (no tax credits for interim holder under repo), and

  • section 594 of ITA 2007 (no tax credits for original owner under repo). "

517 (1) Amend section 400 (non-qualifying distributions) as follows.

(2) In subsection (4) for the words from "income to which" to the end substitute "assessed (in whole or in part) at the dividend trust rate by virtue of Chapter 3 of Part 9 of ITA 2007 (trustees' accumulated or discretionary income to be charged at special rates), the trustees' liability for income tax at that rate is reduced".

(3) After subsection (6) insert--

" (7) Subsection (2) is subject to section 504(4) of ITA 2007 (disapplication of certain provisions for income of unauthorised unit trusts). "

518 In section 401 (relief: qualifying distribution after linked non-qualifying distribution) after subsection (6) insert--

" (6A) The reduction under this section is given effect at Step 6 of the calculation in section 23 of ITA 2007. "

519 In section 410(3)(b) (stock dividend income arising to trustees) for the words from "income" to the end substitute "accumulated or discretionary income (as defined in section 480 of ITA 2007 but excluding income arising under a trust established for charitable purposes only or an unauthorised unit trust in relation to which section 504 of that Act applies)".

520 (1) Amend section 414 (stock dividends from UK resident companies: income tax to be treated as paid) as follows.

(2) In subsection (1) for "income to which section 686 of ICTA applies" substitute "accumulated or discretionary income (as defined in section 480 of ITA 2007)".

(3) In subsection (4) after "fall to be made" insert "at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability)".

521 In section 418(5) (loans to participator in close company: relief where borrowers liable as settlors) for "rate applicable to trusts" substitute "trust rate".

522 In section 421(4) (loans to participator in close company: income tax treated as paid) after "fall to be made" insert "at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability)".

523 (1) Amend section 426 (annuity payments received after deduction of tax) as follows.

(2) For "Income tax deducted under either of the following sections" substitute "In accordance with section 848 of ITA 2007 a sum representing income tax deducted under section 901 of that Act".

(3) Omit the words after "recipient".

524 In section 446 (strips of government securities: relief for losses) for subsection (2) substitute--

" (2) If a person makes a claim under this section, the relief is given by deducting the loss in calculating the person's net income for the tax year in which the disposal occurs (see Step 2 of the calculation in section 23 of ITA 2007). "

525 In section 454 (listed securities held since 26th March 2003: relief for losses) for subsection (4) substitute--

" (4) If a claim under this section is made by a person other than a trustee, the relief is given by deducting the loss in calculating the person's net income for the tax year in which the disposal occurs (see Step 2 of the calculation in section 23 of ITA 2007). "

526 (1) Amend section 457 (disposal of deeply discounted securities by trustees) as follows.

(2) Omit subsection (3).

(3) For subsection (5) substitute--

" (5) If the trustees are trustees of a scheme in relation to which section 504 of ITA 2007 applies, subsection (2) does not apply to profits which are shown in the scheme's accounts as income available for payment to unit holders or for investment. "

527 In section 459(2) (profits from deeply discounted securities: transfer of assets abroad) for "sections 739 and 740 of ICTA (transfer of assets abroad) have" substitute "Chapter 2 of Part 13 of ITA 2007 (transfer of assets abroad) has".

528 In section 460(2) (profits from deeply discounted securities: minor definitions) for "section 709(1)" substitute "section 840ZA".

529 After section 465 insert--

" 465A Amounts for which individuals liable to be treated as highest part of total income

(1) This section applies if--

(a) an individual is liable for tax under this Chapter in respect of an amount, and

(b) the individual is treated by section 530 as having paid income tax at the savings rate on the amount.

(2) The amount is treated as the highest part of the individual's total income.

(3) Subsection (2) has effect for all income tax purposes except the purposes of sections 535 to 537 (gains from contracts for life insurance etc: top slicing relief).

(4) See section 1012 of ITA 2007 (relationship between highest part rules) for the relationship between--

(a) the rule in subsection (2), and

(b) other rules requiring particular income to be treated as the highest part of a person's total income. "

530 In section 466(2) (person liable: personal representatives) for "lower rate" substitute "savings rate".

531 (1) Amend section 467 (liability of trustees for tax on gains from contracts for life insurance etc) as follows.

(2) After subsection (1) insert--

" (1A) If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees. "

(3) For subsection (7) substitute--

" (7) If trustees are liable for tax under this Chapter, it is charged at the savings rate if--

(a) condition A is met, or

(b) condition D is met and the trustees are trustees of a charitable trust. "

532 In section 468 (gains from contracts for life insurance etc: non-UK resident trustees and foreign institutions)--

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