Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009

577 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits

• (1) In schedule 1, part A, clause 8,—

  • (a) in the heading “policyholder income” is replaced by “schedular policyholder base income”:

  • (b) in the words after the heading, “policyholder income” is replaced by “schedular policyholder base income”.

  (2) In schedule 1, part E, the list of sections is replaced by “CB 28, CD 53, CS 1, EK 8, EK 12, EK 23, EX 20, EX 50, EY 43, FE 22, FM 28, HA 15, HA 24, HC 22, HC 34, HF 1, HL 29, LC 1, LC 2, LE 2, LJ 5, LP 8, LP 10, OA 18, OB 19, OB 42, OB 46, OB 69, OB 73, OB 75, OB 78, OB 80, OC 36, OC 38, OE 7, OE 8, OP 100, OP 102, RD 50, RD 51, RD 66, RD 67, RD 69, RD 70, RD 72, RE 11–RE 19, RF 9, RF 12, RM 21, YA 1.”

  (3) Subsection (1) applies—

  • (a) on and after 1 July 2010, unless paragraph (b) applies:

  • (b) for an income year that includes 1 July 2010 and later income years, if the life insurer chooses to apply the new life insurance rules in this Act in a return of income for the tax year corresponding to the first relevant income year.