SCHEDULES
SCHEDULE 6 Taxation of savings at the lower rate
The Taxes Act 1988
10
1
In section 468 of that Act (authorised unit trusts to be subject to corporation tax), the following subsection shall be inserted after subsection (1)—
1A
In relation to any authorised unit trust the rate of corporation tax for the financial year 1996 and subsequent financial years shall be deemed to be the rate at which income tax at the lower rate is charged for the year of assessment which begins on 6th April in the financial year concerned.
2
Sub-paragraph (1) above has effect in relation to any accounting period ending after 31st March 1996.
3
Sections 468E and 468EE of that Act (rate of corporation tax on authorised unit trusts) shall not apply in relation to any accounting period ending after 31st March 1996 except so far as those sections relate to the financial year 1995.