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Changes over time for: Section 29


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 22/07/2004.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Section 29.

Changes to Legislation
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29Special rates of tax applicable to trustsU.K.
(1)Section 686 of the Taxes Act 1988 (accumulation and discretionary trusts: special rates of tax) is amended as follows.
(2)In subsection (1A) (which sets certain rates of tax in relation to any year of assessment for which income tax is charged)—
(a)in paragraph (a) (which sets the Schedule F trust rate at 25 per cent) for “25 per cent” substitute “ 32.5 per cent ”, and
(b)in paragraph (b) (which sets the rate applicable to trusts at 34 per cent) for “34 per cent” substitute “ 40 per cent ”.
(3)The amendments made by subsection (2) have effect in relation to the year 2004-05 and subsequent years of assessment.
(4)Schedule 4 to this Act (which makes amendments relating to the rate applicable to trusts) shall have effect.
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