Taxation of distributions etc.U.K.
77 Application of lower rate.U.K.
F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)In section 421(1) of that Act (taxation of borrower where loan under section 419 released)—
(a)in paragraph (a), after “tax” there shall be inserted “ at the lower rate ”;
(b)in paragraph (b), for “basic rate” there shall be substituted “ lower rate ”; and
(c)in paragraph (c), for the words from “which is not” to “that paragraph” there shall be substituted “ to which (without prejudice to paragraph (b) above) section 207A shall be taken to apply as it applies to income chargeable under Schedule F, but, notwithstanding the preceding provisions of this subsection ”.
(5)This section shall apply in relation to the year 1993-94 and subsequent years of assessment.
Textual Amendments
F1S. 77(1)(2) repealed (29.4.1996 with effect in accordance with s. 73 and Sch. 6 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(1) Note 1
F2S. 77(3) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
F378. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F3S. 78 repealed (31.7.1998 with effect in accordance with Sch. 3 of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2), Note
79 Provisions supplemental to sections 77 and 78.U.K.
(1)Schedule 6 to this Act (which makes further provision for the purposes of and in connection with the provisions of sections 77 and 78 above) shall have effect.
(2)Subject to that Schedule, subsection (3) of section 687 of the Taxes Act 1988 (definition of pool for the purposes of payments under discretionary trusts) shall have effect, and be deemed always to have had effect, as if—
(a)the repeal of paragraph (b) which was made by Part V of Schedule 17 to the M1Finance Act 1989 in relation to accounting periods beginning after 31st March 1989 had been confined to the following words in that paragraph, that is to say, “under section 462(2) as applied by section 686(4) or”; and
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4S. 79(2)(b) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F5S. 79(3) repealed (29.4.1996 with effect in accordance with s. 73 and Sch. 6 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(1) Note 1
Marginal Citations
F680 Transitional relief for charities etc.U.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6S. 80 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 355, Sch. 3 Pt. 1 (with Sch. 2)
F781. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F7S. 81 repealed (31.7.1998 with effect in accordance with Sch. 3 of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(2), Note