Income Tax Act 2007

Transactions in securities: general U.K.

129 (1) Despite anything in this Act, Chapter 1 of Part 17 of ICTA (cancellation of tax advantages from certain transactions in securities) continues to apply so far as required for the purposes of notices under section 703(3) of that Act requiring adjustments to be made affecting tax years before the tax year 2007-08; and a counteraction notice under Chapter 1 of Part 13 (transactions in securities) may not require such an adjustment to be made. U.K.

(2) Subject to that, Chapter 1 of Part 13 applies—

(a) whether or not the transaction or transactions, in consequence of which, or of the combined effect of which, the tax advantage has been or will be obtained, occur on or after 6 April 2007, and

(b) whether or not the tax year to which that advantage relates (“the tax advantage year”) is a year before the tax year 2007-08,

but see section 698(5) (under which no assessments may be made as a result of a counteraction notice later than 6 years after the tax advantage year).

(3) This paragraph is to be interpreted as if it were part of Chapter 1 of Part 13.