The Income Tax Act 2007 (Amendment) (No. 3) Order 2007

Amendments to the Income and Corporation Taxes Act 1988

2.—(1) The Income and Corporation Taxes Act 1988(1) is amended as follows.

(2) In section 217 (information)—

(a) in subsection (2)—

(i) for “or make by virtue of section 214(1)(b) or 216(2) or (3) in respect of any payment or transfer,” substitute—

“or make—

(a) by virtue of section 216(2) or (3), in respect of any payment or transfer, or

(b) by virtue of any of sections 949(2), 950(2) and 963(2) of ITA 2007, in respect of a payment to which section 928 of that Act (chargeable payments connected with exempt distributions) applies,”; and

(ii) after “section 214” insert “of this Act or section 928 of ITA 2007 or Chapter 15 (collection: deposit-takers, building societies and certain companies) or Chapter 16 (collection: certain payments by other persons) of Part 15 of that Act”; and

(b) in subsection (3) for “of section 214” substitute “mentioned in subsection (2)”.

(3) In Schedule 23A (manufactured dividends and interest)(2)—

(a) in paragraph 4(4)(a) after “under section 922(2) of ITA 2007” insert “or (as the case may be) accounted for and paid under section 923 of that Act”, and

(b) in paragraph 4(4)(b) after “so deducted” insert “or so accounted for and paid”.

(4) In Schedule 28AA (provision not at arm’s length), in paragraph 6E(3) after “ITTOIA 2005” insert “and shall not be subject to the provisions of Part 15 of ITA 2007 (deduction of income tax at source)”.

(1)

1988 c. 1.

(2)

Schedule 23A was inserted by paragraph 1 of Schedule 13 to the Finance Act 1991 (c. 31); paragraph 4(4) of that Schedule was amended by paragraph 238(5) of Schedule 1 to the Income Tax Act 2007.

(3)

Schedule 28AA was inserted by Schedule 16 to the Finance Act 1998 (c. 36); paragraph 6E of that Schedule was inserted by section 35(4) of the Finance Act 2004 (c. 12), and amended by paragraph 351(3) of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5).