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Income Tax Act 2007
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Changes over time for: Section 594
Version Superseded: 01/01/2014
Alternative versions:
- 06/04/2007- Amendment
- 21/07/2008- Amendment
- 21/07/2009- Amendment
- 21/07/2009
Point in time - 01/01/2014- Amendment
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594No tax credits for original owner under repoU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)there is a repo in respect of UK shares [F1or overseas shares] ,
(b)under the repo, the original owner has transferred the F2... shares to the interim holder,
(c)a qualifying distribution is made,
(d)the qualifying distribution is a manufactured dividend [F3or manufactured overseas dividend] paid under the repo in respect of the F4... shares by the interim holder to the original owner, and
(e)the repo is not such that the actual dividend which the manufactured dividend [F5or manufactured overseas dividend] represents is receivable by a person other than the original owner.
(2)The original owner is not entitled to a tax credit under section 397(1) [F6or [F7397A(1)]] of ITTOIA 2005 (tax credits for qualifying distributions) in respect of the distribution.
(3)If the original owner is UK resident, section 399(2) of ITTOIA 2005 (recipients of qualifying distributions treated as having paid income tax at dividend ordinary rate on them) does not apply in respect of the distribution.
Textual Amendments
F1Words in s. 594(1)(a) inserted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 29(2)(a)
F2Word in s. 594(1)(b) omitted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 12 para. 29(2)(b)
F3Words in s. 594(1)(d) inserted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 29(2)(c)(i)
F4Word in s. 594(1)(d) omitted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 12 para. 29(2)(c)(ii)
F5Words in s. 594(1)(e) inserted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 29(2)(d)
F6Words in s. 594(2) inserted (21.7.2008 with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 29(3)
F7Word in s. 594(2) substituted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 13(b)
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