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Undertakings for collective investment and unit holders.
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30.— (1) Chapter 1 of Part 27 of the Principal Act is amended—
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(a) in section 738(2) by substituting the following for paragraph (b):
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“(b) (i) Subject to subparagraph (ii), as respects an undertaking for collective investment which is a company, the corporation tax which is chargeable on its profits on which corporation tax falls finally to be borne for a chargeable period beginning on or after 8 February 2012 shall, for the purposes of the Tax Acts, be such tax, before it is reduced by any credit, relief or other reduction under those Acts, computed as if the rate of corporation tax were 30 per cent.
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(ii) For the purposes of this paragraph, as respects an undertaking for collective investment which is a company, where an accounting period of the company begins before 8 February 2012 and ends on or after that date, it shall be divided into 2 parts, one beginning on the date on which the accounting period begins and ending on 7 February 2012, and the other beginning on 8 February 2012 and ending on the date on which the accounting period ends, and both parts shall be treated as if they were separate accounting periods of the company and the corporation tax for the chargeable period ending on 7 February 2012 shall be computed as if the rate of corporation tax were 20 per cent.”,
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(b) in section 738(2)(d) by substituting the following for sub-paragraph (i):
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“(i) the income tax which is chargeable on the income arising, and the capital gains tax which is chargeable on the chargeable gains accruing, in a year of assessment to the undertaking shall be the amount of such tax, before it is reduced by any credit, relief or other deduction under any provision, other than under this section, of the Tax Acts or the Capital Gains Tax Acts, which is the rate of 30 per cent of the income arising, and the chargeable gains accruing to the undertaking, but, in relation to the year of assessment commencing on 1 January 2012, payments made and gains realised in the period from 1 January 2012 to 7 February 2012 shall be chargeable to income tax or capital gains tax, as the case may be, at the rate of 20 per cent, and”,
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(c) in section 739(1)(b) by substituting “rate of 30 per cent” for “standard rate”,
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(d) in section 739(2)(d), in the construction of “A”, by substituting “is 30” for “is the standard rate per cent for the year of assessment in which the payment is made”, and
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(e) in section 739(4)(a)(i) by substituting “rate of 30 per cent” for “standard rate of income tax”.
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(2) (a) Paragraphs (c) and (d) of subsection (1) apply as respects payments made on or after 8 February 2012.
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(b) Paragraph (e) of subsection (1) applies as respects any disposal made on or after 8 February 2012.
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