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Life assurance policies and investment funds.
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10.— (1) The Principal Act is amended in section 730F(1)—
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(a) by substituting the following for paragraph (a):
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“(a) subject to paragraph (b), where the chargeable event falls on or after 1 January 2001, at the rate of 28 per cent,”,
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and
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(b) in paragraph (b) by substituting “(S+28) per cent” for “(S+26) per cent”.
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(2) The Principal Act is amended in section 730J—
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(a) in paragraph (a)(i) by substituting the following for clause (I):
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“(I) where the payment is a relevant payment, at the rate of 25 per cent, and”,
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(b) in paragraph (a)(i)(II)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
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(c) in paragraph (a)(i)(II) by substituting the following for subclause (B):
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“(B) in any other case, at the rate of 28 per cent,”,
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and
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(d) in paragraph (a)(ii)(I) by substituting “(H+25) per cent” for “(H+23) per cent”.
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(3) The Principal Act is amended in section 730K(1)—
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(a) by deleting “the rate determined by the formula” where it first occurs,
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(b) in paragraph (a) by substituting “(S+28) per cent” for “(S+26) per cent”, and
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(c) by substituting the following for paragraph (b):
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“(b) in any other case, at the rate of 28 per cent”.
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(4) The Principal Act is amended in Chapter 1A of Part 27—
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(a) in section 739D by substituting the following for subsection (5A):
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“(5A) The amount referred to in subsection (2)(dd) is the amount determined by the formula—
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A × G × 100
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100 - (G × 28)
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where—
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A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d), and
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G is the amount of the gain on that transfer of that unit divided by the value of that unit.”,
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(b) in section 739E(1) by substituting the following for paragraph (a):
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“(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at the rate of 25 per cent,”,
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(c) in section 739E(1) by substituting the following for paragraph (b):
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“(b) subject to paragraph (ba), where the chargeable event happens on or after 1 January 2001 and the amount of the gain is provided by paragraph (b), (c), (d), (dd) or (ddd) of section 739D(2), at the rate of 28 per cent,”,
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(d) in section 739E(1)(ba) by substituting “(S+28) per cent” for “(S+26) per cent”, and
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(e) in section 739G(2)(c) by substituting “specified in” for “determined in accordance with”.
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(5) The Principal Act is amended in Chapter 4 of Part 27—
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(a) in section 747D(a)(i)(I)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
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(b) in section 747D(a)(i)(I) by substituting the following for subclause (B):
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“(B) in any other case, at the rate of 25 per cent,”,
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(c) in section 747D(a)(i)(II)(A) by substituting “(S+28) per cent” for “(S+26) per cent”,
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(d) in section 747D(a)(i)(II) by substituting the following for subclause (B):
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“(B) in any other case, at the rate of 28 per cent,”,
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(e) in section 747D(a)(ii)(I) by substituting “(H+25) per cent” for “(H+23) per cent”,
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(f) in section 747E(1)(b) by deleting “the rate determined”,
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(g) in section 747E(1)(b)(i)—
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(i) by inserting “at the rate determined” before “by the formula”, and
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(ii) by substituting “(S+28) per cent” for “(S+26) per cent”,
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and
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(h) in section 747E(1)(b) by substituting the following for subparagraph (ii):
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“(ii) in any other case, at the rate of 28 per cent.”.
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(6) (a) Subsection (1) applies and has effect as respects the happening of a chargeable event in relation to a life policy (within the meaning of Chapter 5 of Part 26 of the Principal Act) on or after 8 April 2009.
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(b) Subsection (2) applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 8 April 2009.
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(c) Subsection (3) applies and has effect as respects the disposal in whole or in part of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 8 April 2009.
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(d) Subsection (4) applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1) of the Principal Act) on or after 8 April 2009.
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(e) Paragraphs (a) to (e) of subsection (5) apply and have effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 8 April 2009.
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(f) Paragraphs (f) to (h) of subsection (5) apply and have effect as respects the disposal in whole or in part by a person of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 8 April 2009.
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