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Finance Act 2008

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Commencement Orders bringing legislation that affects this Act into force:

ITTOIA 2005E+W+S+N.I.

50ITTOIA 2005 is amended as follows.E+W+S+N.I.

51In section 465A(1)(b) (gains from contracts for life insurance etc: amounts for which individuals liable to be treated as highest part of total income), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

52In section 466(2) (gains from contracts for life insurance etc: personal representatives), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

53In section 467(7) (gains from contracts for life insurance etc: UK resident trustees), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

54(1)Section 530 (gains from contracts for life insurance etc: income tax treated as paid) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “savings rate” substitute “ basic rate ”.

(3)Omit subsection (6).

55In section 535(3) (gains from contracts for life insurance etc: top slicing relief)—E+W+S+N.I.

(a)for “SRL” in both places substitute “ BRL ”, and

(b)for “savings rate” substitute “ basic rate ”.

56In section 536(1) (gains from contracts for life insurance etc: top slicing relieved liability-one chargeable event), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

57In section 537 (gains from contracts for life insurance etc: top slicing relieved liability-two or more chargeable events), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

58In section 539(5) (gains from contracts for life insurance etc: relief for deficiencies)—E+W+S+N.I.

(a)omit Step 2,

(b)in Step 3, for “2” substitute “ 1 ” and omit “other”, and

(c)in Step 5, omit the sentence relating to Step 2.

59In section 669(3)(a)(i) (reduction in residuary income: inheritance tax on accrued income), for “, at the savings rate” substitute “ of an amount not exceeding the starting rate limit for savings, at the starting rate for savings ”.E+W+S+N.I.

60In section 679(3) (income from which basic amounts are treated as paid), omit paragraph (b) (apart from the “and” at the end).E+W+S+N.I.

61In section 680(4) (income treated as bearing income tax), for “savings rate” substitute “ basic rate ”.E+W+S+N.I.

62(1)Section 680A (income treated as savings income or dividend income) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)for “Subsections (2) and (3) apply” substitute “ Subsection (3) applies ”, and

(b)omit “the savings rate or”.

(3)Omit subsection (2).

(4)In subsection (3), for the words from the beginning to “it” substitute “ The income ”.

(5)In subsection (4)—

(a)for “Subsections (5) and (6) apply” substitute “ Subsection (6) applies ”, and

(b)omit “the savings rate or”.

(6)Omit subsection (5).

(7)In subsection (6), for the words from the beginning to “it” substitute “ The income ”.

(8)Accordingly, in the heading omit “savings income or”.

63(1)Schedule 4 (index of defined expressions) is amended as follows.E+W+S+N.I.

(2)For the entry relating to “starting rate” substitute—

starting rate for savingssection 7 of ITA 2007 (as applied by section 989 of that Act)
starting rate limit for savingssection 12 of ITA 2007 (as applied by section 989 of that Act).

(3)Omit the entry relating to “savings rate”.

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