119(1)Amend section 249 (stock dividends treated as income) as follows.U.K.
(2)In subsection (1) for “subsections (7) to (9) below, this section applies” substitute “ subsections (8) and (9) below, this section applies (and accordingly section 230 above and section 410 of ITTOIA 2005 apply) ”.
(3)Omit subsections (4) to (7).
(4)In subsection (8)—
(a)for “subsection (4)” substitute “ section 410(2), (3) or (4) of ITTOIA 2005 ”, and
(b)omit the words from “and subsections (5)” onwards.
(5)In subsection (9)(b) for “an individual” to “an amount of income” substitute “ income to be treated as arising to an individual as a result of section 410(2) of ITTOIA 2005 ”.