Paragraph 12

United Kingdom

(1)

In section 686 of that Act (application of rate applicable to trusts to income of certain discretionary trusts), paragraph (d) of subsection (2) shall be omitted; F1...

F2(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

This paragraph has effect for the year 1997-98 and subsequent years of assessment and shall be deemed to have had effect for the year 1996-97.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 12(1) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F2: Sch. 7 para. 12(2) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F3: Sch. 7 para. 12(3) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

Notes on Schedule 7

Modifications

C1: Sch. 7 excluded (28.4.1997) by S.I. 1997/1154, reg. 25(10)