Income Tax (Trading and Other Income) Act 2005

222 (1) Amend section 552 (information: duty of insurers) as follows.

(2) In subsection (1) omit “within the meaning of this Chapter”.

(3) In subsection (5)—

(a) in paragraph (b)(ii) for “, the date” to the end of the sub-paragraph substitute “of this Act and section 514(1) of ITTOIA 2005 (chargeable events where transaction-related calculations show gains), the date on which the year and the insurance year end;”,

(b) in paragraph (c)—

(i) after “this Chapter” insert “and Chapter 9 of Part 4 of ITTOIA 2005”,

(ii) after “relevant capital payments” insert “and the amount or value of any capital sums of a kind referred to in section 492(1)(b) to (e) of ITTOIA 2005”,

(iii) in sub-paragraph (iii) after “annuity” insert “determined in accordance with section 656 and the amount of so much of any payment previously made on account of an annuity as is exempt under section 717 of ITTOIA 2005”, and

(iv) in sub-paragraph (v) after “year” insert “and the total of the amounts of gains treated as arising on previous chargeable events within section 509(1) or 514(1) of ITTOIA 2005”,

(c) for paragraph (e) substitute—

“(e) the number of years relevant for computing the annual equivalent of the amount of the gain for the purposes of subsection (1) of section 536 of ITTOIA 2005 (top slicing relieved liability: one chargeable event), apart from subsections (6) and (8) of that section;”, and

(d) for paragraph (f) substitute—

“(f) on the assumption that section 465 of ITTOIA 2005 (person liable: individuals) has effect in relation to the gain —

(i) whether an individual would fall to be treated as having paid income tax at the lower rate on the amount of the gain in accordance with section 530 of that Act; and

(ii) if so, except in a case where paragraph (c) above applies, the amount of such tax that would fall to be so treated as paid.”

(4) In subsection (6)—

(a) in paragraph (b)—

(i) after “section 546C(7)(a)” insert “of this Act (and section 514(1) of ITTOIA 2005)”, and

(ii) after “year” insert “(and the insurance year)”, and

(b) in paragraph (c) after “section 546C(7)(a)” insert “of this Act (and section 514(1) of ITTOIA 2005)”.

(5) In subsection (7)(b)—

(a) after “section 546C(7)(a)” insert “of this Act (and section 514(1) of ITTOIA 2005)”, and

(b) after “year” insert “(and the insurance year)”.

(6) In subsection (9)(a)—

(a) after “section 546C(7)(b)” insert “of this Act (and section 514(1) of ITTOIA 2005)”, and

(b) after “occurs” insert “(and the end of the insurance year mentioned in section 514(3) and (4) of ITTOIA 2005)”.

(7) In subsection (10)—

(a) in the definition of “amount” after “section 553(3)” insert “of this Act and section 528 of ITTOIA 2005”, and

(b) insert in the appropriate place—

““chargeable event” means an event which is a chargeable event within the meaning of this Chapter and Chapter 9 of Part 4 of ITTOIA 2005;”.