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Finance Act 1988

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Changes over time for: Section 101

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Version Superseded: 06/03/1992

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Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1988, Section 101. Help about Changes to Legislation

101 Underwriters.U.K.

In subsection (2) of section 142 of the M1Capital Gains Tax Act 1979 (which provides for capital gains tax to be assessed and charged on the trustees of premiums trust funds of underwriters) for the words “subsection (3)” there shall be substituted the words “subsections (2A) and (3)”; and after subsection (2) there shall be inserted—

(2A)Tax assessed by virtue of subsection (2) above for a year of assessment shall be assessed at a rate equivalent to the basic rate of income tax for the year; and if an assessment to tax at a higher rate is subsequently made on an underwriting member in respect of the same gains, an appropriate credit shall be given for the tax assessed on the trustees.

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