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Life assurance policies and investment funds
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30. (1) The Principal Act is amended in section 730F(1)—
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(a) in paragraph (a)(ii) by substituting “41 per cent” for “36 per cent”, and
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(b) in paragraph (b) by substituting “at the rate of 60 per cent” for “at a rate determined by the formula— (S + 36) per cent where S is the standard rate per cent (within the meaning of section 4)”.
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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 “41 per cent” for “33 per cent”,
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(b) in paragraph (a)(i)(II)(A) by substituting “at the rate of 60 per cent” for “at the rate determined by the formula— (S + 36) per cent where S is the standard rate per cent for the year of assessment in which the payment is made”,
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(c) in paragraph (a)(i)(II)(B) by substituting “41 per cent” for “36 per cent”, and
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(d) in paragraph (a)(ii)(I) by substituting “at the rate of 80 per cent” for “at the rate determined by the formula— (H + 33) per cent where H is a rate per cent determined in relation to the person by section 15 for the year of assessment in which the payment is made”.
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(3) The Principal Act is amended in section 730K(1)—
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(a) in paragraph (a) by substituting “at the rate of 60 per cent” for “at the rate determined by the formula— (S + 36) per cent where S is the standard rate per cent for the year of assessment in which the payment is made”, and
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(b) in paragraph (b) by substituting “41 per cent” for “36 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(5A), in the formula in paragraph (b), by substituting “(G x 41)” for “(G x 36)”, and
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(b) in section 739E(1)—
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(i) in paragraph (a)(ii) by substituting “41 per cent” for “33 per cent”,
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(ii) in paragraph (b)(ii) by substituting “41 per cent” for “36 per cent”, and
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(iii) in paragraph (ba) by substituting “at the rate of 60 per cent” for “at a rate determined by the formula— (S + 36) per cent, where S is the standard rate per cent (within the meaning of section 4)”.
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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)—
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(i) in subclause (A) by substituting “at the rate of 60 per cent” for “at the rate determined by the formula— (S + 36) per cent where S is the standard rate per cent for the year of assessment in which the payment is made”, and
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(ii) in subclause (B) by substituting “41 per cent” for “33 per cent”,
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(b) in section 747D(a)(i)(II)—
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(i) in subclause (A) by substituting “at the rate of 60 per cent” for “at the rate determined by the formula— (S + 36) per cent, where S is the standard rate per cent for the year of assessment in which the payment is made”, and
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(ii) in subclause (B) by substituting “41 per cent” for “36 per cent”,
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(c) in section 747D(a)(ii)(I) by substituting “at the rate of 80 per cent” for “at the rate determined by the formula— (H + 33) per cent, where H is the rate per cent determined in relation to the person by section 15 for the year of assessment in which the payment is made”, and
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(d) in section 747E(1)(b)—
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(i) in subparagraph (i) by substituting “at the rate of 60 per cent” for “at the rate determined by the formula— (S + 36) per cent, where S is the standard rate per cent for the year of assessment in which the payment is made”, and
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(ii) in subparagraph (ii) by substituting “41 per cent” for “36 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 2014.
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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 2014.
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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 2014.
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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 2014.
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(e) Paragraphs (a) to (c) 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 2014.
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(f) Paragraph (d) of subsection (5) applies and has 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 2014.
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