52(1)ICTA is amended as follows.
(2)Omit section 231B (arrangements to pass on value of tax credit).
(3)Omit section 824(2) (repayment supplements: tax credits).
(4)In section 824(4A) omit paragraph (b) (repayment supplements: tax credit treated as income tax deducted at source), and the “and” preceding it.
(5)In section 825(1) (repayment supplements: companies) omit paragraph (c) (tax credits comprised in franked investment income), and the “or” preceding it.
(6)In section 826 (interest on tax overpaid by companies)—
(a)in subsection (1) omit paragraph (c) (tax credits), including the “or” at the end, and
(b)in subsection (3)—
(i)omit “or a payment of the whole or part of a tax credit falling within subsection (1)(c) above”, and
(ii)omit “or, as the case may be, the franked investment income referred to in subsection (1)(c) above”.