Section 498 — Income Tax Act 2007: Types of income tax for the purposes of section 497

Types of income tax for the purposes of section 497 498 1 The types of amount referred to at Step 2 in section 497 are as follows. Type 1 The amount of any tax on income (other than income of a kind mentioned below in relation to Type ... 3A ) charged at the dividend trust rate or at the trust rate. ... ... Type 3A The amount of tax at the nominal rate on any amount in respect of which—

a the trustees are liable to income tax under section 467 of ITTOIA 2005 (gains from contracts for life insurance etc ),

b the trustees are liable to income tax at the trust rate by virtue of section 482 above, and c tax at the basic rate is treated as having been paid by virtue of section 530 of ITTOIA 2005 (life insurance). ... Type 5 The amount of tax on any income determined in accordance with section 26 of FA 2005 (special tax treatment for trusts for the benefit of vulnerable persons). 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A In relation to Type 3A, the reference to the nominal rate is a reference to a rate equal to the difference between the trust rate and the basic rate .

3 In relation to Types 1 to 4, references to income do not include income the tax on which is reduced in accordance with section 26 of FA 2005.