Source: http://www.legislation.gov.uk/ukpga/2009/10/schedule/2/2009-07-21?timeline=true
Timestamp: 2013-05-21 14:03:33
Document Index: 402024741

Matched Legal Cases: ['art 1', 'art 13', 'art 2', 'art 4', 'art 2', 'art 2', 'art 3']

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Status:Point in time view as at 21/07/2009. Changes over time for: SCHEDULE 2Alternative versions:21/07/2009 - Amendment21/07/2009Point in timeChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationChanges and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.Section 6SCHEDULE 2E+W+S+N.I.Income tax ratesThis schedule has no associated Explanatory Notes Part 1 E+W+S+N.I.Amendments of ITA 20071ITA 2007 is amended as follows.E+W+S+N.I.2(1)Section 6 (rates of income tax) is amended as follows.E+W+S+N.I.(2)In subsection (2), for “and higher rate” substitute “ , higher rate and additional rate ”.(3)In the heading, for “and higher rate” substitute “ , higher rate and additional rate ”.3(1)Section 8 (dividend ordinary rate and dividend upper rate) is amended as follows.E+W+S+N.I.(2)Insert at the end—“(3)The dividend additional rate is 42.5%.”
(3)In the heading, for “and dividend upper rate” substitute “ , dividend upper rate and dividend additional rate ”.4(1)Section 10 (income charged at basic and higher rates: individuals) is amended as follows.E+W+S+N.I.(2)In subsection (3), insert at the end “and up to the higher rate limit.”(3)After that subsection insert—“(3A)Income tax is charged at the additional rate on an individual's income above the higher rate limit.”
(4)After subsection (5) insert—“(5A)The higher rate limit is £150,000.”
(5)In subsection (6), for “is” substitute “ and higher rate limit are ”.(6)In the heading, for “and higher” substitute “ , higher and additional ”.5(1)Section 13 (income charged at dividend ordinary and dividend upper rates: individuals) is amended as follows.E+W+S+N.I.(2)After subsection (2) insert—“(2A)Income tax is charged at the dividend additional rate on an individual's income which—
(a)is dividend income,
(b)would otherwise be charged at the additional rate, and
(3)In subsection (3), for “and (2)” substitute “ to (2A) ”.(4)In subsection (4), for “or higher” substitute “ , higher or additional ”.(5)In the heading, for “and dividend upper” substitute “ , dividend upper and dividend additional ”.6In section 414(2)(b) (relief for gifts to charity), after “limit” insert “ and the higher rate limit ”.E+W+S+N.I.7In section 515(a) (rate of tax in respect of heritage maintenance settlements), for “higher rate” substitute “ additional rate ”.E+W+S+N.I.8(1)Section 989 (definitions) is amended as follows.E+W+S+N.I.(2)After the definition of “Act” insert—““additional rate” means the rate of income tax determined in pursuance of section 6(2),”.
(3)After the definition of “distribution” insert—““dividend additional rate” means the rate of income tax specified in section 8(3),”.
(4)After the definition of “higher rate” insert—““higher rate limit” has the meaning given by section 10,”.
9(1)Schedule 4 (index of defined expressions) is amended as follows.E+W+S+N.I.(2)After the entry relating to “Act” insert—“additional ratesection 6(2) (as applied by section 989).”(3)In the entry relating to “basic rate limit”, for “20(2)” substitute “ 10 ”.(4)After the entry relating to “dividends (in Chapter 1 of Part 13)” insert—“dividend additional ratesection 8(3) (as applied by section 989).”(5)After the entry relating to “higher rate” insert—“higher rate limitsection 10 (as applied by section 989).” Part 2 E+W+S+N.I.Amendments of other ActsFA 2004E+W+S+N.I.10Part 4 of FA 2004 (pension schemes etc) is amended as follows.E+W+S+N.I.11In section 192 (relief for pension contributions at source), for subsection (4) substitute—E+W+S+N.I.“(4)If (apart from this section) income tax at the higher rate or the additional rate is chargeable in respect of any part of the individual's total income for the tax year, on the making of a claim the basic rate limit and the higher rate limit for the tax year in the individual's case are increased by the amount of the contribution.”
12In section 208 (unauthorised payments charge), for subsection (6) substitute—E+W+S+N.I.“(6)The Treasury may by order amend subsection (5) so as to vary the rate of the unauthorised payments charge.
(6A)An order under subsection (6) may make provision for there to be different rates in different circumstances.”
13In section 209 (unauthorised payments surcharge), for subsection (7) substitute—E+W+S+N.I.“(7)The Treasury may by order amend subsection (6) so as to vary the rate of the unauthorised payments surcharge.
(8)An order under subsection (7) may make provision for there to be different rates in different circumstances.”
14In section 215 (amount of lifetime allowance charge), after subsection (2) insert—E+W+S+N.I.“(2A)The Treasury may by order amend subsection (2) so as to vary the rates of the lifetime allowance charge.
(2B)An order under subsection (2A) may make provision for there to be different rates in different circumstances.”
15In section 227 (annual allowance charge), after subsection (5) insert—E+W+S+N.I.“(5A)The Treasury may by order amend subsection (4) so as to vary the rate of the annual allowance charge.
(5B)An order under subsection (5A) may make provision for there to be different rates in different circumstances.”
16In section 240 (amount of scheme sanction charge), after subsection (3) insert—E+W+S+N.I.“(3A)The Treasury—
(a)may by order amend subsection (1) so as to vary the rate of the scheme sanction charge, and
(b)may by order amend subsection (3)(a) so as to vary the percentage mentioned there.
(3B)An order under subsection (3A) may make provision for there to be different rates or percentages in different circumstances.”
17In section 242 (de-registration charge), insert at the end—E+W+S+N.I.“(5)The Treasury may by order amend subsection (4) so as to vary the rate of the de-registration charge.
(6)An order under subsection (5) may make provision for there to be different rates in different circumstances.”
18(1)Section 282 (orders and regulations) is amended as follows.E+W+S+N.I.(2)After subsection (1) insert—“(1A)No order may be made under section 208(6), 209(7), 215(2A), 227(5A), 240(3A) or 242(5) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.”
(3)In subsection (2), after “Part” insert “ , if made without a draft having been approved by a resolution of the House of Commons, ”.ITTOIA 2005E+W+S+N.I.19ITTOIA 2005 is amended as follows.E+W+S+N.I.20In section 640(6)(b) (grossing-up of deemed income)—E+W+S+N.I.(a)omit the “and” at the end of sub-paragraph (i), and(b)insert at the end “up to and including the year 2009-2010, and (iii)50%, if the relevant tax year is the year 2010-2011 or any subsequent tax year.”
21In section 669(3) (reduction in residuary income: inheritance tax on accrued income)—E+W+S+N.I.(a)in paragraph (a), after “charged at” insert “ the additional rate or ”, and(b)in paragraph (b), after “charged at” insert “ the dividend additional rate or ”.22In section 685A(3) (settlor-interested settlements), for “higher rate” substitute “ additional rate ”.E+W+S+N.I.23(1)Part 2 of Schedule 4 (index of defined expressions) is amended as follows.E+W+S+N.I.(2)After the entry relating to “acquisition expenditure (in Chapter 9 of Part 2)” insert—“additional ratesection 6(2) of ITA 2007 (as applied by section 989 of that Act).”(3)After the entry relating to “distribution” insert—“the dividend additional ratesection 8(3) of ITA 2007 (as applied by section 989 of that Act).”F(No.2)A 2005E+W+S+N.I.24In section 7(5) of F(No.2)A 2005 (charge to income tax on social security pension lump sum)—E+W+S+N.I.(a)in paragraph (d), after “basic rate limit for that year” insert “ but does not exceed the higher rate limit for that year ”, and(b)after that paragraph insert—“(e)if P's Step 3 income for that year of assessment exceeds the higher rate limit for that year, the additional rate for that year.”
Part 3 E+W+S+N.I.Commencement25(1)The powers conferred by the amendments made by this Schedule may be exercised at any time on or after the day on which this Act is passed but not so as to make provision having effect before the tax year 2010-11.E+W+S+N.I.(2)Subject to that, the amendments made by this Schedule have effect for the tax year 2010-11 and subsequent tax years.Previous: ScheduleNext: ScheduleBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint This Schedule onlyPDF This Schedule onlyWeb page This Schedule onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open Schedules only The Schedules only you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openLegislation is available in different versions:Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.See additional information alongside the contentGeographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.Opening OptionsDifferent options to open legislation in order to view more content on screen at onceExplanatory Notes