Part IIIIncome Tax, Corporation Tax and Capital Gains Tax
Chapter IVCapital Gains
Unification of rates of tax on income and capital gains
101Underwriters
In subsection (2) of section 142 of the [1979 c. 14.] Capital Gains Tax Act 1979 (which provides for capital gains tax to be assessed and charged on the trustees of premiums trust funds of underwriters) for the words “subsection (3)” there shall be substituted the words “subsections (2A) and (3)”; and after subsection (2) there shall be inserted—
2A
Tax assessed by virtue of subsection (2) above for a year of assessment shall be assessed at a rate equivalent to the basic rate of income tax for the year; and if an assessment to tax at a higher rate is subsequently made on an underwriting member in respect of the same gains, an appropriate credit shall be given for the tax assessed on the trustees.