Income Tax Act 2007

Finance (No. 2) Act 2005 (c. 22) U.K.

603 U.K. The Finance (No. 2) Act 2005 is amended as follows.

604 (1) Amend section 7 (charge to income tax on social security pension lump sum) as follows. U.K.

(2) In subsection (5) for “total income” in each place substitute “ Step 3 income ”.

(3) At the end insert—

“(9) For the purposes of this section P's “Step 3 income” means P's net income less allowances deducted at Step 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability).”

605 U.K. In section 18(3)(b)(i) (authorised investment funds etc: section 17(3): specific powers) for “506(1) of ICTA” substitute “ 989 of ITA 2007 ”.

606 U.K. In section 71 (interpretation) after the definition of “ICTA” insert—

““ITA 2007” means the Income Tax Act 2007;”.