Finance Act 2011

Life assurance policies and investment funds.

31.— (1) The Principal Act is amended in section 730F(1)—

(a) in paragraph (a) by substituting “30 per cent” for “28 per cent”, and

(b) in paragraph (b) by substituting “(S + 30) per cent” for “(S + 28) per cent”.

(2) The Principal Act is amended in section 730J—

(a) in paragraph (a)(i)(I) by substituting “27 per cent” for “25 per cent”,

(b) in paragraph (a)(i)(II)(A) by substituting “(S + 30) per cent” for “(S + 28) per cent”,

(c) in paragraph (a)(i)(II)(B) by substituting “30 per cent” for “28 per cent”, and

(d) in paragraph (a)(ii)(I) by substituting “(H + 27) per cent” for “(H + 25) per cent”.

(3) The Principal Act is amended in section 730K(1)—

(a) in paragraph (a) by substituting “(S + 30) per cent” for “(S + 28) per cent”, and

(b) in paragraph (b) by substituting “30 per cent” for “28 per cent”.

(4) The Principal Act is amended in Chapter 1A of Part 27—

(a) in the formula in section 739D(5A) by substituting “(G 30)” for “(G 28)”, and

(b) in section 739E(1)—

(i) in paragraph (a) by substituting “27 per cent” for “25 per cent”,

(ii) in paragraph (b) by substituting “30 per cent” for “28 per cent”, and

(iii) in paragraph (ba) by substituting “(S + 30) per cent” for “(S + 28) per cent”.

(5) The Principal Act is amended in Chapter 4 of Part 27—

(a) in section 747D(a)(i)(I)(A) by substituting “(S + 30) per cent” for “(S + 28) per cent”,

(b) in section 747D(a)(i)(I)(B) by substituting “27 per cent” for “25 per cent”,

(c) in section 747D(a)(i)(II)(A) by substituting “(S + 30) per cent” for “(S + 28) per cent”,

(d) in section 747D(a)(i)(II)(B) by substituting “30 per cent” for “28 per cent”,

(e) in section 747D(a)(ii)(I) by substituting “(H + 27) per cent” for “(H + 25) per cent”,

(f) in section 747E(1)(b)(i) by substituting “(S + 30) per cent” for “(S + 28) per cent”, and

(g) in section 747E(1)(b)(ii) by substituting “30 per cent” for “28 per cent”.

(6) (a) 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 of the Principal Act) on or after 1 January 2011.

(b) Subsection (2) applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2011.

(c) Subsection (3) 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 of the Principal Act) on or after 1 January 2011.

(d) Subsection (4) 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) of the Principal Act) on or after 1 January 2011.

(e) Paragraphs (a) to (e) of subsection (5) apply and have effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2011.

(f) Paragraphs (f) and (g) of subsection (5) apply and have 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 of the Principal Act) on or after 1 January 2011.