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There are currently no known outstanding effects for the Finance Act 2006, Paragraph 3.
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Valid from 19/07/2006
3(1)For section 686A of ICTA substitute—
“686A(1)Where the trustees of a settlement (other than the trustees of a unit trust scheme)—
(a)receive or are entitled to a payment of a kind specified in subsection (2), or
(b)are liable for tax in respect of a gain on a chargeable event of a kind specified in subsection (2),
the payment or gain shall be treated as if it were income to which section 686 applies.
(2)Those payments and gains are—
(a)a payment made by a company—
(i)on the redemption, repayment or purchase of its own shares, or
(ii)on the purchase of rights to acquire its own shares,
(b)a gain arising on a chargeable event in respect of which the trustees are liable for tax under section 467 of ITTOIA 2005 (gains on contracts for life insurance, etc), other than a gain to which subsection (7)(a) of that section applies,
(c)if the trustees are resident in the United Kingdom, a profit on the disposal of a deeply discounted security in respect of which the trustees are liable for tax under section 429 of ITTOIA 2005,
(d)a sum to which Chapter 4 of Part 3 of ITTOIA 2005 applies,
(e)a profit on the disposal of a future or option in respect of which the trustees are liable for tax under section 557 of ITTOIA 2005, if none of conditions A to C in section 568 of that Act are met,
(f)a profit on the disposal of a deposit in respect of which the trustees are liable for tax under section 554 of ITTOIA 2005,
(g)the proceeds of sale of a foreign dividend coupon in respect of which the trustees are liable for tax under section 573 of ITTOIA 2005,
(h)a sum which is chargeable to tax under section 68(2) or 71(4) of the Finance Act 1989 (c. 26) (employee share ownership trusts: chargeable events),
(i)an offshore income gain (within the meaning of section 761 of this Act), and
(j)a gain on a disposal of land to which section 776 of this Act applies.”
(2)This paragraph shall have effect in respect of payments made, or gains arising, to the trustees of a settlement on or after 6th April 2006.
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