Article 2 Amendment to the Finance (No.2) Act 2005

In section 7(5A)(c) of the Finance (No. 2) Act 2005^f1 (charge to income tax on lump sum) for the words after “that tax year that” substitute “would be applicable to an amount of income that is equal to P’s Step 3 income^f2 for that year if such amount were wholly chargeable to income tax at Scottish rates”.

Annotations

Footnotes

f1: 2005 c.22. Subsection (5A) was inserted by regulation 9 of S.I. 2017/468 and paragraph (c) was amended by article 5 of S.I. 2018/459.
f2: “Step 3 income” is defined in s7(9) of the Finance (No. 2) Act 2005 by reference to the calculation of income tax liability in section 23 of the Income Tax Act 2007 (c. 3).