|
|
Life assurance policies and investment funds: rates.
|
28.— (1) The Principal Act is amended in section 730F(1)—
|
|
| |
(a) by substituting the following for paragraph (a):
|
|
| |
“(a) subject to paragraph (b), where the chargeable event falls on or after 1 January 2001, at the rate of—
|
|
| |
(i) 25 per cent where the policyholder is a company, and
|
|
| |
(ii) 33 per cent in the case of any other policyholder,”,
|
|
| |
and
|
|
| |
(b) in paragraph (b) by substituting “(S + 33) per cent” for “(S + 30) per cent”.
|
|
| |
(2) The Principal Act is amended in section 730J—
|
|
| |
(a) in paragraph (a)(i)(I) by substituting “30 per cent” for “27 per cent”,
|
|
| |
(b) in paragraph (a)(i)(II)(A) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
|
|
| |
(c) in paragraph (a)(i)(II)(B) by substituting “33 per cent” for “30 per cent”, and
|
|
| |
(d) in paragraph (a)(ii)(I) by substituting “(H + 30) per cent” for “(H + 27) per cent”.
|
|
| |
(3) The Principal Act is amended in section 730K(1)—
|
|
| |
(a) in paragraph (a) by substituting “(S + 33) per cent” for “(S + 30) per cent”, and
|
|
| |
(b) in paragraph (b) by substituting “33 per cent” for “30 per cent”.
|
|
| |
(4) The Principal Act is amended in Chapter 1A of Part 27—
|
|
| |
(a) in section 739D by substituting the following for subsection (5A):
|
|
| |
“(5A) The amount referred to in subsection (2)(dd) is the amount determined—
|
|
| |
(a) where the unit holder is a company, by the formula—
|
|
| |
A x G x 100
|
|
| |
100 - (G x 25)
|
|
| |
and
|
|
| |
(b) in any other case, by the formula—
|
|
| |
A x G x 100
|
|
| |
100 - (G x 33)
|
|
| |
where in relation to the formula in paragraphs (a) and (b)—
|
|
| |
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
|
|
| |
G is the amount of the gain on that transfer of that unit divided by the value of that unit.”,
|
|
| |
(b) in section 739E(1) by substituting the following for paragraph (a):
|
|
| |
“(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at the rate of—
|
|
| |
(i) 25 per cent where the unit holder is a company, and
|
|
| |
(ii) 30 per cent in any other case,”,
|
|
| |
(c) in section 739E(1) by substituting the following for paragraph (b):
|
|
| |
“(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—
|
|
| |
(i) 25 per cent where the unit holder is a company, and
|
|
| |
(ii) 33 per cent in any other case,”,
|
|
| |
(d) in section 739E(1)(ba) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
|
|
| |
(e) in section 739G(2)(c) by substituting “section 739E(1)(a)(i)” for “section 739E(1)(a)”, and
|
|
| |
(f) in section 739G(2) by substituting the following for paragraph (e):
|
|
| |
“(e) where the unit holder is a company, the payment is not a relevant payment and appropriate tax has been deducted from the payment, the amount received by the unit holder shall, subject to paragraph (g), be treated for the purposes of the Tax Acts as the net amount of an annual payment chargeable to tax under Case IV of Schedule D from the gross amount of which income tax has been deducted at the rate specified in section 739E(1)(b)(i),”.
|
|
| |
(5) The Principal Act is amended in Chapter 4 of Part 27—
|
|
| |
(a) in section 747D(a)(i)(I)(A) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
|
|
| |
(b) in section 747D(a)(i)(I)(B) by substituting “30 per cent” for “27 per cent”,
|
|
| |
(c) in section 747D(a)(i)(II)(A) by substituting “(S + 33) per cent” for “(S + 30) per cent”,
|
|
| |
(d) in section 747D(a)(i)(II)(B) by substituting “33 per cent” for “30 per cent”,
|
|
| |
(e) in section 747D(a)(ii)(I) by substituting “(H + 30) per cent” for “(H + 27) per cent”,
|
|
| |
(f) in section 747E(1) by deleting paragraph (a),
|
|
| |
(g) in section 747E(1)(b)(i) by substituting “(S + 33) per cent” for “(S + 30) per cent”, and
|
|
| |
(h) in section 747E(1)(b)(ii) by substituting “33 per cent” for “30 per cent”.
|
|
| |
(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 2012.
|
|
| |
(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 2012.
|
|
| |
(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 2012.
|
|
| |
(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 2012.
|
|
| |
(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 2012.
|
|
| |
(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 1 January 2012.
|
