Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Lower rate
19 Lower rate: further provisions.
1
In section 7(4) of the M1Taxes Management Act 1970 for “basic rate" there shall be substituted “
the basic rate or the lower rate
”
.
2
In each of the provisions to which this subsection applies, after “basic rate" there shall be inserted “
or the lower rate
”
; and this subsection applies to section 91(3)(c) of the Taxes Management Act 1970 and to sections 550(3) and 599A(7) of the Taxes Act 1988.
3
In each of the provisions to which this subsection applies, after “all income tax" there shall be inserted “
not chargeable at the lower rate
”
; and this subsection applies to sections 167(2A), F1. . ., F2. . . , 549(2), F3. . ., 699(2) and 819(2) of the Taxes Act 1988 and to the definition of “excess liability" in paragraph 19(1) of Schedule 7 to that Act.
F44
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
In section 421(1)(c) of the Taxes Act 1988 for “shall, notwithstanding that paragraph, be treated" there shall be substituted “
shall be treated as income which is not chargeable at the lower rate and, notwithstanding that paragraph, shall be treated
”
.
7
This section shall apply for the year 1992-93 and subsequent years of assessment.