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Income Tax Act 2007

Section 747: Amounts corresponding to accrued income scheme profits and related interest

2196.This section ensures that any charge made on an individual under this Chapter takes proper account of accrued income when the assets of the person abroad include securities for the purposes of Chapter 2 of Part 12 (accrued income profits). It is based on section 742(4) to (7) of ICTA.

2197.Although section 742(5) of ICTA says “Sections 739 to 741 shall have effect …”, this section works on the basis that the operation of the other sections in Chapter 3 of Part 17 of ICTA is not excluded.

2198.Subsections (1), (6) and (7) include by implication a minor change in the law on accrued income profits; see Change 101 in Annex 1.

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