|
|
Life assurance policies and investment funds.
|
27.— (1) The Principal Act is amended—
|
|
| |
(a) in section 730F(1)—
|
|
| |
(i) in paragraph (a) by substituting “(S + 6) per cent” for “(S + 3) per cent”, and
|
|
| |
(ii) in paragraph (b) by substituting “(S + 26) per cent” for “(S + 23) per cent”,
|
|
| |
(b) in Chapter 6 of Part 26—
|
|
| |
(i) in section 730J(a)—
|
|
| |
(I) by substituting the following for clause (I) of subparagraph (i):
|
|
| |
“(I) where the payment is a relevant payment, at the rate determined by the formula—
|
|
| |
(S + 3) per cent
|
|
| |
where S is the standard rate per cent for the year of assessment in which the payment is made, and”,
|
|
| |
(II) in subparagraph (i)(II)(A) by substituting “(S + 26) per cent” for “(S + 23) per cent”,
|
|
| |
(III) in subparagraph (i)(II)(B) by substituting “(S + 6) per cent” for “(S + 3) per cent”, and
|
|
| |
(IV) in subparagraph (ii)(I) by substituting “(H + 23) per cent” for “(H + 20) per cent”,
|
|
| |
and
|
|
| |
(ii) in section 730K(1)—
|
|
| |
(I) in paragraph (a) by substituting “(S + 26) per cent” for “(S + 23) per cent”, and
|
|
| |
(II) in paragraph (b) by substituting “(S + 6) per cent” for “(S + 3) per cent”,
|
|
| |
(c) in Chapter 1A of Part 27—
|
|
| |
(i) in the formula in section 739D(5A) by substituting“(S + 6)” for “(S + 3)”,
|
|
| |
(ii) in section 739E—
|
|
| |
(I) in subsection (1)—
|
|
| |
(A) by substituting the following for paragraph (a):
|
|
| |
“(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at a rate determined by the formula—
|
|
| |
(S + 3) per cent
|
|
| |
where S is the standard rate per cent for the year of assessment in which the gain arises,”,
|
|
| |
(B) in paragraph (b) by substituting “(S + 6) per cent” for “(S + 3) per cent,”, and
|
|
| |
(C) in paragraph (ba) by substituting “(S + 26) per cent” for “(S + 23) per cent,”,
|
|
| |
and
|
|
| |
(II) in subsection (1A) in the definition of “first tax” by substituting “section 739F or, as the case may be, in accordance with subsection (2A)(b)(iii) and section 739G(2A)” for “section 739F”,
|
|
| |
and
|
|
| |
(iii) in section 739G(2)(c) by substituting “at the rate determined in accordance with section 739E(1)(a),” for “at the standard rate,”,
|
|
| |
and
|
|
| |
(d) in Chapter 4 of Part 27—
|
|
| |
(i) in section 747D—
|
|
| |
(I) in paragraph (a)(i)(I)—
|
|
| |
(A) by substituting “(S + 26) per cent” for “(S + 23) per cent,” in subclause (A), and
|
|
| |
(B) by substituting the following for subclause (B):
|
|
| |
“(B) in any other case, at the rate determined by the formula—
|
|
| |
(S + 3) per cent
|
|
| |
where S is the standard rate per cent for the year of assessment in which the relevant payment is made,”,
|
|
| |
(II) in paragraph (a)(i)(II)(A) by substituting “(S + 26) per cent” for “(S + 23) per cent,”,
|
|
| |
(III) in paragraph (a)(i)(II)(B) by substituting “(S + 6) per cent” for “(S + 3) per cent,”, and
|
|
| |
(IV) in paragraph (a)(ii)(I) by substituting “(H + 23) per cent” for “(H + 20) per cent,”,
|
|
| |
and
|
|
| |
(ii) in section 747E(1)—
|
|
| |
(I) in paragraph (b)(i) by substituting “(S + 26) per cent” for “(S + 23) per cent,”, and
|
|
| |
(II) in paragraph (b)(ii) by substituting “(S + 6) per cent” for “(S + 3) per cent,”.
|
|
| |
(2) (a) Paragraph (a) of subsection (1) applies and has effect as respects the happening of a chargeable event in relation to a life policy (within the meaning of Chapter 5 of Part 26) on or after 1 January 2009.
|
|
| |
(b) Paragraph (b)(i) of subsection (1) applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
|
|
| |
(c) Paragraph (b)(ii) of subsection (1) applies and has effect as respects the disposal in whole or in part of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
|
|
| |
(d) Paragraph (c) of subsection (1) applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 1 January 2009.
|
|
| |
(e) Paragraph (d)(i) of subsection (1) applies and has effect as respects the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
|
|
| |
(f) Paragraph (d)(ii) of subsection (1) applies and has effect as respects the disposal in whole or in part by a person of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27) on or after 1 January 2009.
|
