Point in time view as at 06/04/2005.
Finance Act 2003, Paragraph 1 is up to date with all changes known to be in force on or before 04 March 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.
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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