Income Tax Act 2007

Taxation of Chargeable Gains Act 1992 (c. 12)

335 (1) Amend section 263D (gains accruing to persons paying manufactured dividends) as follows.

(2) In subsection (2)(b) and (d) for “United Kingdom equities” substitute “UK shares”.

(3) In subsection (3)(b) and (d) for “United Kingdom equities” substitute “UK shares”.

(4) In subsection (4)(a), (b) and (d) for “United Kingdom equities” substitute “UK shares”.

(5) In subsection (7) for “paragraph 2A of Schedule 23A to the Taxes Act” substitute “sections 574 and 575 of ITA 2007 (manufactured dividends: allowable deductions)”.

(6) In subsection (9)—

(a) for “paragraph 2 of Schedule 23A to the Taxes Act” substitute “Chapter 2 of Part 11 of ITA 2007 (manufactured payments)”,

(b) in paragraph (a)—

(i) for “section 737A(5) of that Act” substitute “section 602(1) of that Act (deemed manufactured payments: repos)”, and

(ii) for “Schedule 23A” substitute “that Chapter of that Part of that Act”, and

(c) in paragraph (b)—

(i) for “section 736B(2) of that Act” substitute “section 596(2) of that Act (deemed manufactured payments: stock lending arrangements)”, and

(ii) for “that Schedule” substitute “that Chapter of that Part of that Act”.

(7) In subsection (10) for the words from “the following” to “and, in any such case,” substitute “those in which there is a repo for the purposes of Part 11 of ITA 2007 (see section 569 of that Act); and, in any such case,”.

(8) In subsection (12)—

(a) for “United Kingdom equities” substitute “UK shares”, and

(b) for “paragraph 1(1) of Schedule 23A to the Taxes Act” substitute “section 566(2) of ITA 2007”.