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Income Tax Act 2007
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Changes over time for: Section 498
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There are currently no known outstanding effects for the Income Tax Act 2007, Section 498.
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498Types of income tax for the purposes of section 497U.K.
This section has no associated Explanatory Notes
(1)The types of amount referred to at Step 2 in section 497 are as follows.
Type 1
The amount of any tax on income (other than income of a kind mentioned below in relation to Type F1[F2... 3A]) charged at the dividend trust rate or at the trust rate.
F3...
F3...
[F4Type 3A
The amount of tax at the nominal rate on any amount in respect of which—
(a)the trustees are liable to income tax under section 467 of ITTOIA 2005 (gains from contracts for life insurance etc),
(b)the trustees are liable to income tax at the trust rate by virtue of section 482 above, and
(c)tax at the [F5basic rate] is treated as having been paid by virtue of section 530 of ITTOIA 2005 (life insurance).]
F6...
Type 5
The amount of tax on any income determined in accordance with section 26 of FA 2005 (special tax treatment for trusts for the benefit of vulnerable persons).
F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F10(2A)In relation to Type 3A, the reference to the nominal rate is a reference to a rate equal to the difference between the trust rate and the [F11basic rate] .]
(3)In relation to Types 1 to 4, references to income do not include income the tax on which is reduced in accordance with section 26 of FA 2005.
Textual Amendments
F1Words in s. 498(1) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(7)(a)(i)
F2Words in s. 498(1) substituted (21.7.2008 with effect in accordance with s. 56(4) of the amending Act) by Finance Act 2007 (c. 11), s. 56(2)(a)
F3Words in s. 498(1) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(7)(a)(ii)
F4Words in s. 498(1) inserted (21.7.2008 with effect in accordance with s. 56(4) of the amending Act) by Finance Act 2007 (c. 11), s. 56(2)(b)
F5Words in s. 498(1) substituted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 22(2)
F6Words in s. 498(1) omitted (6.4.2024 in relation to the tax year 2024-25 and subsequent tax years) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 2 paras. 13(3)(i), 14(4)
F7Words in s. 498(1) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(7)(a)(iii)
F8Words in s. 498(1) omitted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 1 para. 22(3)
F9S. 498(2) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(7)(b)
F10S. 498(2A) inserted (21.7.2008 with effect in accordance with s. 56(4) of the amending Act) by Finance Act 2007 (c. 11), s. 56(3)
F11Words in s. 498(2A) substituted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 22(4)
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