13(1)ITA 2007 is amended as follows.U.K.
(2)Omit Chapter 6 of Part 9 (trustees’ first slice of trust rate income).
(3)In consequence of the amendment made by sub-paragraph (2)—
(a)in section 2(9)(b) (overview of Act), for “4, 5 and 6” substitute “4 and 5”;
(b)in section 11(2) (income charged at the default basic rate: non- individuals), for “6” substitute “5”;
(c)in section 14(2) (income charged at the dividend ordinary rate: other persons), for “6” substitute “5”;
(d)in section 15 (income charged at the trust rate and the dividend trust rate), for “6” substitute “5”;
(e)in section 16(2) (savings and dividend income to be treated as highest part of total income) omit paragraph (a) (and the “and” after it);
(f)in section 23 (the calculation of income tax liability), in Step 4, for “6” substitute “5”;
(g)in section 462 (overview of Part 9) omit subsection (6);
(h)in section 484 (trustees’ expenses to be set against trustees’ trust rate income) omit subsection (3);
(i)in section 498 (types of income tax for the purposes of section 497) omit Type 4.