Paragraph 10

After section 11CA, as inserted by section 6(3) of this Act, insert—

“Income charged at the Welsh property basic, higher and additional rates: individuals

11CB

(1)

Income tax is charged at the Welsh property basic rate on the income of a Welsh taxpayer which—

(a)

is property income, and

(b)

would otherwise be charged at the Welsh basic rate.

(2)

Income tax is charged at the Welsh property higher rate on the income of a Welsh taxpayer which—

(a)

is property income, and

(b)

would otherwise be charged at the Welsh higher rate.

(3)

Income tax is charged at the Welsh property additional rate on the income of a Welsh taxpayer which—

(a)

is property income, and

(b)

would otherwise be charged at the Welsh additional rate.

(4)

This section is subject to any provisions of the Income Tax Acts which provide for income to be charged at different rates of income tax in some circumstances.

(5)

Sections 16 and 16A have effect for determining the extent to which the property income of a Welsh taxpayer would otherwise be charged at the Welsh basic, higher or additional rate.

Income charged at the property basic rate: non-individuals

11CC

(1)

Income tax is charged at the property basic rate on the income of persons other than individuals which—

(a)

is property income,

(b)

would otherwise be charged at the default basic rate, and

(c)

is not relevant foreign income charged in accordance with section 832 of ITTOIA 2005 (relevant foreign income charged on the remittance basis).

(2)

This is subject to—

• Chapters 3 to 5 of Part 9 (which provide for some income of trustees to be charged at special trust rates), and

• any other provisions of the Income Tax Acts (apart from section 11) which provide for income of persons other than individuals to be charged at different rates of income tax in some circumstances.”