Finance Act, 1990

Amendment of section 13 (surcharge on certain income of trustees) of Finance Act, 1976 .

8.—As respects the year 1990-91 and subsequent years of assessment, section 13 of the Finance Act, 1976 , is hereby amended by the substitution, in subsection (2), of the following paragraphs for paragraph (a):

“(a) Income to which this section applies shall, in addition to being chargeable to income tax at the standard rate for the year of assessment for which it is so chargeable, be charged to an additional duty of income tax (hereinafter referred to as ‘a surcharge’) at the rate of 20 per cent.

(aa) A surcharge to be made on trustees under this section in respect of income arising in a year of assessment (hereinafter referred to as ‘the first year of assessment’) shall—

(i) be charged on the trustees for the year of assessment in which a period of eighteen months beginning immediately after the end of that first year of assessment ends, and

(ii) be treated as income tax chargeable for the year of assessment for which it is so charged.”.