Amendments to the Finance (No. 2) Act 20055

1

Section 7 of the Finance (No. 2) Act 20059 is amended as follows.

2

In subsection (5A)10 (charge to income tax on lump sum)—

a

omit paragraph (b), and

b

in paragraph (c)—

i

for “exceeds the Scottish basic rate limit for that year” substitute “is greater than nil”, and

ii

for “applicable to P” substitute “applicable to P’s Step 3 income for that year”.