SCHEDULES
SCHEDULE 45Statutory residence test
PART 3Split year treatment
Special charging rules for savings and investment income
88
1
Section 536 (top slicing relieved liability: one chargeable event) is amended as follows.
2
The amendment made by sub-paragraph (3) applies to section 536 as amended by paragraph 5 of Schedule 8 to this Act, and has effect in accordance with paragraph 7 of that Schedule.
3
For subsection (7) substitute—
7
If in the case of the individual the gain is reduced under section 528—
a
divide the number of foreign days in the material interest period (as determined in accordance with that section, including subsections (7) and (8)) by 365,
b
if the result is not a whole number, round it down to the nearest whole number, and
c
reduce N, for steps 1 and 3 in subsection (1), by the number found by applying paragraphs (a) and (b).
4
The amendment made by sub-paragraph (5) applies to section 536 as in force immediately before it is amended by paragraph 5 of Schedule 8 to this Act, so far as that section as so in force continues to have effect after it is so amended.
5
For subsection (7) substitute—
7
If the gain is from such a policy—
a
divide the number of foreign days in the policy period (as defined in section 528) by 365,
b
if the result is not a whole number, round it down to the nearest whole number, and
c
reduce N, for steps 1 and 3 in subsection (1), by the number found by applying paragraphs (a) and (b).