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SCHEDULES

Section 79

SCHEDULE 7U.K.Transfer of assets abroad

Income and Corporation Taxes Act 1988U.K.

Amendments of ICTA: introductoryU.K.

1F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

Section 741: application subject to sections 741B and 741CU.K.

2F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

Exemption from sections 739 and 740: new provisionU.K.

3F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

Application of sections 741 and 741AU.K.

4F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

Just and reasonable apportionment in certain casesU.K.

5F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

Section 742: interpretation of the ChapterU.K.

6F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6Sch. 7 paras. 1-6 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1031, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

ITTOIA 2005U.K.

Gains from contracts for life insurance etcU.K.

7(1)In ITTOIA 2005, section 468 (gains from contracts of life insurance etc: non-UK resident trustees and foreign institutions) is amended as follows.U.K.

(2)In subsection (2) (section 740 of ICTA to apply with the modifications in subsection (3) or (4))—

(a)for “Section 740” substitute “ Sections 739 and 740 ”,

(b)for “prevents” substitute “ prevent ”,

(c)for “applies” substitute “ apply ”.

(3)In subsection (3) (cases within subsection (1)(a)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

(4)In subsection (4) (cases within subsection (1)(b)) for “section 740 applies” substitute “ sections 739 and 740 apply ”.

(5)The amendments made by this paragraph apply in relation to gains treated as arising on or after 5th December 2005.