37 Gains from contracts for life insurance etc: top slicing relief
Finance Act 2020 (2020 c 14) | Legislation

37  Gains from contracts for life insurance etc: top slicing relief

(1)     In Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc), sections 535 to 537 (top slicing relief) are amended as follows.

(2)     In section 535 (top slicing relief), at the end insert—

“(8)     For the purposes of the calculations mentioned in subsection (1)—

(a)     section 25(2) of ITA 2007 (deductions of reliefs and allowances in most beneficial way for taxpayer) does not apply, and

(b)     reliefs and allowances are available for deduction from an amount that, for the

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