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Finance (No. 2) Act 2023

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Changes over time for: Paragraph 13

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There are currently no known outstanding effects for the Finance (No. 2) Act 2023, Paragraph 13. Help about Changes to Legislation

13(1)ITA 2007 is amended as follows.U.K.

(2)Omit Chapter 6 of Part 9 (trustees’ first slice of trust rate income).

(3)In consequence of the amendment made by sub-paragraph (2)

(a)in section 2(9)(b) (overview of Act), for “4, 5 and 6” substitute “4 and 5”;

(b)in section 11(2) (income charged at the default basic rate: non- individuals), for “6” substitute “5”;

(c)in section 14(2) (income charged at the dividend ordinary rate: other persons), for “6” substitute “5”;

(d)in section 15 (income charged at the trust rate and the dividend trust rate), for “6” substitute “5”;

(e)in section 16(2) (savings and dividend income to be treated as highest part of total income) omit paragraph (a) (and the “and” after it);

(f)in section 23 (the calculation of income tax liability), in Step 4, for “6” substitute “5”;

(g)in section 462 (overview of Part 9) omit subsection (6);

(h)in section 484 (trustees’ expenses to be set against trustees’ trust rate income) omit subsection (3);

(i)in section 498 (types of income tax for the purposes of section 497) omit Type 4.

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