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Finance Act 2003
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- UK Public General Acts
- 2003 c. 14
- SCHEDULE 35
- Application of the lower...
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Changes over time for: Cross Heading: Application of the lower rate
Version Superseded: 06/04/2007
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- 10/07/2003- Amendment
- 10/07/2003
Point in time - 06/04/2007- Amendment
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Finance Act 2003, Cross Heading: Application of the lower rate is up to date with all changes known to be in force on or before 22 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Application of the lower rateU.K.
1(1)Section 1A of the Taxes Act 1988 (application of lower rate to income from savings and distributions) is amended as follows.U.K.
(2)In subsection (2) (which specifies the income to which the lower rate applies) omit the word “and” immediately preceding paragraph (c) and at the end of that paragraph insert “; and
(d)any amount included in an individual’s total income by virtue of section 547(1)(a) (chargeable event gains on life policies etc).”.
(3)In subsection (5) (ordering rule for highest part of income for the purposes of the Income Tax Acts) after “the Income Tax Acts” insert “ (other than section 550) ”.
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