This section has no associated Explanatory Notes
536(1)Amend section 535 (top slicing relief) as follows.U.K.
(2)After subsection (2) insert—
“(2A)If the relief is given by a reduction in income tax, it is given effect at Step 6 of the calculation in section 23 of ITA 2007.”
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)After subsection (6) insert—
“(7)For the purposes of the calculations mentioned in subsection (1) any relief under Chapter 2 or 3 of Part 8 of ITA 2007 (which relate to gift aid and other gifts to charities) is ignored.”
Textual Amendments
F1Sch. 1 para. 536(3) omitted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 1 para. 35