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Finance Act 2012

Details of the Section

2.Subsection 1 provides for income tax for 2012-13 and sets the main rates of income tax.

3.Subsection 2 sets the main rates of income tax for 2013-14.

4.Subsection 3 reduces the dividend additional rate to 37.5 per cent; the trust rate to 45 per cent; the dividend trust rate to 37.5 per cent.

5.Subsection 4 reduces the charge on relevant benefits provided under employer-financed retirement benefits schemes, in section 394 (Employer-financed Retirement Benefit Schemes) of Income Tax (Earnings and Pensions) Act 2003 (ITEPA), from 50 per cent to 45 per cent when section 394(2) ITEPA applies because the person receiving the benefits is not an individual.

6.Subsection 5 provides for a consequential amendment to section 640(6) (Grossing-up of Deemed Income) of Income Tax (Trading and Other Income) Act 2005 (ITTOIA).

7.Subsection 6 provides that the amendments made by subsections 3 to 5 inclusive have effect from 2013-14.

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