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Life assurance policies and investment funds.
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31.— (1) The Principal Act is amended in section 730F(1)—
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(a) in paragraph (a) by substituting “30 per cent” for “28 per cent”, and
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(b) in paragraph (b) by substituting “(S + 30) per cent” for “(S + 28) per cent”.
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(2) The Principal Act is amended in section 730J—
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(a) in paragraph (a)(i)(I) by substituting “27 per cent” for “25 per cent”,
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(b) in paragraph (a)(i)(II)(A) by substituting “(S + 30) per cent” for “(S + 28) per cent”,
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(c) in paragraph (a)(i)(II)(B) by substituting “30 per cent” for “28 per cent”, and
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(d) in paragraph (a)(ii)(I) by substituting “(H + 27) per cent” for “(H + 25) per cent”.
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(3) The Principal Act is amended in section 730K(1)—
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(a) in paragraph (a) by substituting “(S + 30) per cent” for “(S + 28) per cent”, and
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(b) in paragraph (b) by substituting “30 per cent” for “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 the formula in section 739D(5A) by substituting “(G 30)” for “(G 28)”, and
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(b) in section 739E(1)—
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(i) in paragraph (a) by substituting “27 per cent” for “25 per cent”,
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(ii) in paragraph (b) by substituting “30 per cent” for “28 per cent”, and
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(iii) in paragraph (ba) by substituting “(S + 30) per cent” for “(S + 28) per cent”.
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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 + 30) per cent” for “(S + 28) per cent”,
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(b) in section 747D(a)(i)(I)(B) by substituting “27 per cent” for “25 per cent”,
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(c) in section 747D(a)(i)(II)(A) by substituting “(S + 30) per cent” for “(S + 28) per cent”,
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(d) in section 747D(a)(i)(II)(B) by substituting “30 per cent” for “28 per cent”,
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(e) in section 747D(a)(ii)(I) by substituting “(H + 27) per cent” for “(H + 25) per cent”,
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(f) in section 747E(1)(b)(i) by substituting “(S + 30) per cent” for “(S + 28) per cent”, and
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(g) in section 747E(1)(b)(ii) by substituting “30 per cent” for “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 1 January 2011.
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(b) Subsection (2) applies and has effect as respects the receipt by a 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 1 January 2011.
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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 1 January 2011.
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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 1 January 2011.
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(e) Paragraphs (a) to (e) of subsection (5) apply and have effect as respects the receipt by a 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 1 January 2011.
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(f) Paragraphs (f) and (g) 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 1 January 2011.
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