Paragraph 531

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 1 para. 179(2)(a) omitted by Finance Act 2008 s. 41(7)(k)
Sch. 1 para. 179(2)(b) omitted by Finance Act 2008 s. 41(7)(k)
Sch. 1 para. 232 repealed by Finance Act 2012 Sch. 39 para. 28(1)
Sch. 1 para. 180 omitted by Finance Act 2008 s. 41(7)(k)
Sch. 1 para. 181 omitted by Finance Act 2008 s. 41(7)(k)

(1)

Amend section 467 (liability of trustees for tax on gains from contracts for life insurance etc) as follows.

(2)

After subsection (1) insert—

“(1A)
If trustees are liable for tax under this Chapter, the gain is treated for income tax purposes as income of the trustees.”

(3)

For subsection (7) substitute—

“(7)
If trustees are liable for tax under this Chapter, it is charged at the savings rate if—
(a)
condition A is met, or
(b)
condition D is met and the trustees are trustees of a charitable trust.”