4U.K.TCGA 1992 is amended as follows.
5U.K.In section 263B (stock lending arrangements), for subsection (7) substitute—
“(7)In this section “securities” has the meaning given by section 263AA.”
6U.K.Omit section 263D (gains accruing to persons paying manufactured dividends).
7U.K.In section 263F (power to modify repo provisions: non-standard repo cases)—
(a)in subsection (1)—
(i)at the end of paragraph (c) insert “ or ”, and
(ii)omit paragraph (d) (and the word “or” at the end of it), and
(b)in subsection (2), omit “or 263D”.
8U.K.In section 263G (power to modify repo provisions: redemption arrangements)—
(a)in subsection (1), omit paragraph (d) (but not the word “or” at the end of it), and
(b)in subsection (2), omit “or 263D”.
9U.K.In section 263H (sections 263F and 263G: supplementary provisions), in subsection (3)(b) omit “or 263D”.
10(1)Section 263I (powers about manufactured overseas dividend) is amended as follows.U.K.
(2)In subsection (1), for paragraphs (a) and (b) substitute—
“(a)pays or receives an amount (a “manufactured overseas dividend”) which is representative of an overseas dividend on overseas securities where the payment or receipt is required to be made under an arrangement for the transfer of the securities, or
(b)is treated as doing so for any purposes of the Tax Acts.”
(3)For subsection (6) substitute—
“(6)In this section—
(a)“overseas securities” means shares, stock or other securities issued by—
(i)a government, local authority or other public authority of a territory outside the United Kingdom, or
(ii)another body of persons not resident in the United Kingdom,
(b)“overseas securities” includes shares in a company which is not resident in the United Kingdom,
(c)“overseas dividend” means any interest, dividend or other annual payment payable in respect of overseas securities, and
(d)“securities” includes loan stock or any similar security.”