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Life assurance policies and investment funds
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37. (1) The Principal Act is amended—
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(a) in section 730F(1)(a)(ii), by the substitution of “38 per cent” for “41 per cent”,
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(b) in section 730J(a)(i)(II), by the substitution of “38 per cent” for “41 per cent”,
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(c) in section 730K(1)(a)(ii), by the substitution of “38 per cent” for “41 per cent”,
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(d) in section 739D(5A), in the formula in paragraph (b), by the substitution of “(G x 38)” for “(G x 41)”,
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(e) in section 739E(1)—
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(i) in paragraph (a)(ii), by the substitution of “38 per cent” for “41 per cent”, and
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(ii) in paragraph (b)(ii), by the substitution of “38 per cent” for “41 per cent”,
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(f) in section 747D(a)(i)(II), by the substitution of “38 per cent” for “41 per cent”, and
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(g) in section 747E(1)(b)(ii), by the substitution of “38 per cent” for “41 per cent”.
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(2) (a) Subsection (1)(a) applies and has effect as respects the happening of a chargeable event in relation to a life policy (within the meaning of Chapter 5 of Part 26 of the Principal Act) on or after 1 January 2026.
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(b) Subsection (1)(b) applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2026.
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(c) Subsection (1)(c) applies and has effect as respects the disposal in whole or in part of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2026.
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(d) Subsection (1)(d) and (e) apply and have effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1) of the Principal Act) on or after 1 January 2026.
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(e) Subsection (1)(f) applies and has effect as respects the receipt by a person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2026.
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(f) Subsection (1)(g) applies and has effect as respects the disposal in whole or in part by a person of a material interest in an offshore fund (within the meaning of Chapter 4 of Part 27 of the Principal Act) on or after 1 January 2026.
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