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Finance Act 1998

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Changes over time for: Section 76

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Version Superseded: 06/04/2005

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Point in time view as at 31/07/1998. This version of this provision has been superseded. Help about Status

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There are currently no known outstanding effects for the Finance Act 1998, Section 76. Help about Changes to Legislation

76 Tax credits for accounts and for PEPs.U.K.

(1)Section 30 of the M1Finance (No. 2) Act 1997 (which provides, in relation to distributions on or after 6th April 1999, for the excess of tax credit over income tax liability to cease to be payable under section 231(3) of the Taxes Act 1988 to persons who are not companies resident in the United Kingdom) shall have effect in accordance with subsection (2) below in relation to any distribution if—

(a)it is a distribution made before 6th April 2004;

(b)it is received by an individual in respect of an investment made under a plan for which provision is made by regulations under section 333 of the Taxes Act 1988 (individual savings accounts and personal equity plans); and

(c)that investment is one in respect of which that individual is entitled to relief in accordance with such regulations.

(2)That section of that Act of 1997 shall have effect in relation to such a distribution as if—

(a)subsection (5) of that section did not make the substitution set out in paragraph (a) or the repeal set out in paragraph (b);

(b)subsections (6), (7) and (9) of that section were to be disregarded; and

(c)the words “Subject to section 231A,” in section 231(3) of the Taxes Act 1988 were omitted.

(3)The Treasury may by regulations make provision for individuals who—

(a)are not resident in the United Kingdom, but

(b)have made investments under plans for which provision is made by regulations under section 333 of the Taxes Act 1988,

to be treated in relation to any such investments as if they were so resident for the purposes of any enactment conferring an entitlement to, or to the payment of, tax credits.

(4)Subsection (4) of section 231 of the Taxes Act 1988 (persons treated as in receipt of a tax credit) applies for the purposes of this section as it applies for the purposes of that section.

(5)Schedule 8 to the M2Finance (No. 2) Act 1997 (repeals), so far as it relates to the repeal made by section 30(5)(b) of that Act, shall have effect subject to the preceding provisions of this section.

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