Section 498 | Types of income tax for the purposes of section 497

(1)The types of amount referred to at Step 2 in section 497 are as follows.Type 1The 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 3AThe 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 5The 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(2)Repealed

(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.