http://www.legislation.gov.uk/ukpga/2007/11/section/56Finance Act 2007An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.texttext/xmlenStatute Law Database2026-04-27Expert Participation2026-04-01 Part 3Income tax, corporation tax and capital gains tax<Emphasis>Trusts</Emphasis>Trust gains on contracts for life insurance561Section 498 of ITA 2007 (trustees' tax pool) is amended as follows.2In subsection (1)—ain Type 1, for “2 or 3” substitute “ 2, 3 or 3A ”, andbafter Type 3 insert—Type 3A The amount of tax at the nominal rate on any amount in respect of which— athe trustees are liable to income tax under section 467 of ITTOIA 2005 (gains from contracts for life insurance etc),bthe trustees are liable to income tax at the trust rate by virtue of section 482 above, andctax at the savings rate is treated as having been paid by virtue of section 530 of ITTOIA 2005 (life insurance).3After subsection (2) insert—2AIn relation to Type 3A, the reference to the nominal rate is a reference to a rate equal to the difference between the trust rate and the savings rate.4The amendments made by this section have effect in relation to gains arising to the trustees of a settlement on or after 6th April 2007.