- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (25/03/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
No versions valid at: 25/03/2005
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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 541A.
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Yn ddilys o 19/07/2007
(1)This section applies if—
(a)a chargeable event within section 484(1)(a)(i) to (iii), (c) or (e) occurs in respect of a policy or contract,
(b)commission in respect of the policy or contract has at any time been rebated or reinvested, and
(c)condition A or B is met.
(2)For the purposes of performing the calculation in section 494 (total allowable deductions) for the chargeable event, the total amount of premiums under the policy or contract paid in the period mentioned in section 494(1) or (2)(b) is to be reduced by the total amount of commission attributable to those premiums that has been rebated or reinvested.
(3)Condition A is that the total amount of premiums under the policy or contract paid in a relevant period exceeds £100,000.
(4)Condition B is that—
(a)at a time when the policy or contract was the taxable person's, the taxable person's policies and contracts exceeded the relevant threshold as respects a relevant period, and
(b)premiums under the policy or contract were paid in that relevant period.
(5)In subsection (4)(a) “taxable person” means the person whose policy or contract the policy or contract is, immediately before the chargeable event.
(6)For the purposes of subsection (4)(a) a person's policies and contracts “exceed the relevant threshold” as respects a relevant period if the total amount of premiums under them paid in that relevant period exceeds the sum specified in subsection (3).
(7)In this section “relevant period” means—
(a)the period beginning with the beginning of the tax year in which the chargeable event occurs and ending with the chargeable event, or
(b)any of the 3 preceding tax years.
(8)The Treasury may by order—
(a)substitute another sum for the sum for the time being specified in subsection (3);
(b)amend the definition of “relevant period”.]
Textual Amendments
F1Ss. 541A, 541B and cross-heading inserted (19.7.2007 with effect as stated in s. 29(4) of the amending Act) by Finance Act 2007 (c. 11), s. 29(3)
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