Income Tax (Trading and Other Income) Act 2005

298 (1) Amend section 720 (transfers of securities: nominees, trustees etc.) as follows.

(2) In subsection (5)—

(a) for “Annual profits or gains” substitute “Income”, and

(b) for “are treated” substitute “is treated”.

(3) In subsection (6)—

(a) in paragraph (a) for “annual profits or gains” substitute “income”,

(b) in paragraph (b) for “annual profits or gains or annual profits or gains” substitute “income or income”, and

(c) for “Chapters 1A, 1B and 1C of Part XV” substitute “Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts treated as income of settlor) and Chapter 1C of Part 15 of this Act (liability of trustees)”.

(4) In subsection (7) for “Chapters 1A, 1B and 1C of Part XV” substitute “Chapter 5 of Part 5 of ITTOIA 2005 and Chapter 1C of Part 15 of this Act”.

(5) In subsection (8)(a) for “Chapter 1A of Part XV (see section 660G(1) and (2))” substitute “Chapter 5 of Part 5 of ITTOIA 2005 (see section 620 of that Act)”.