Income and Corporation Taxes Act 1988 (c. 1)

PART XVII U.K. TAX AVOIDANCE

CHAPTER II U.K. TRANSFERS OF SECURITIES

Supplemental U.K.

[F1 737D Power to provide for manufactured payments to be eligible for relief. U.K.

(1) The Treasury may by regulations provide for any manufactured payment made to any person to be treated, in such circumstances and to such extent as may be described in the regulations, as comprised in income of that person that is eligible for relief from [F2 corporation] tax by virtue of section 438 F3 . . . .

(2) In this section “manufactured payment” means any F4 . . . manufactured interest or manufactured overseas dividend, within the meaning of Schedule 23A.]

Textual Amendments

F1 Ss. 737D, 737E inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 83(1)

F2 Word in s. 737D(1) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 175(a) (with Sch. 2)

F3 Words in s. 737D(1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 175(b), Sch. 3 Pt. 1 (with Sch. 2)

F4 Words in s. 737D(2) repealed (with effect in accordance with s. 102(10) of the repealing Act) by Finance Act 1998 (c. 36), s. 102(3), Sch. 27 Pt. 3(24), Note

Modifications etc. (not altering text)

C1 S. 737D(2) modified (19.7.2006) by Finance Act 2006 (c. 25), s. 139(1)(6)

[F1 737E [F5 Power to modify sections F6 . . . 730A, 730BB and 737A to 737C] U.K.

F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 Ss. 737D, 737E inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 83(1)

F5 S. 737E sidenote substituted (with effect in accordance with Sch. 38 para. 21(2) of the amending Act) by virtue of Finance Act 2003 (c. 14), Sch. 38 para. 13(4)

F6 Words in s. 737E sidenote repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 176(4), Sch. 3 Pt. 1 (with Sch. 2)

F7 S. 737E repealed (with effect in accordance with S.I. 2007/2483, art. 3) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 8, Sch. 27 Pt. 2(14), Note

738 Power to amend sections 732, 735 and 737. U.K.

(1) M1 The Board may by regulations provide for all or any of the following—

(a) F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) that for section 735(3) and (5) (which refer to the Stock Exchange Daily Official List) there shall be substituted such provisions as the Board think fit to take account of recognised investment exchanges.

Regulations under this subsection shall apply where the subsequent sale is carried out by the first buyer on or after such day as is specified in the regulations.

F9 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) M2 In this section “recognised investment exchange”[F11 has the meaning given by section 285(1)(a) of the Financial Services and Markets Act 2000].

Textual Amendments

F8 S. 738(1)(a)(b) repealed (with effect in accordance with s. 26 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 8 Pt. 2(7), Note 2

F9 S. 738(2) repealed (with effect as mentioned in s. 58(3) of the repealing Act) by Finance Act 1991 (c. 31, SIF 63:1), ss. 58(2), 123, Sch. 13 para. 4, Sch. 19 Pt. V, Note 9; S.I. 1992/1346, reg. 5

F10 S. 738(3)(4) repealed (with effect in accordance with Sch. 18 Pt. 6(10) Note 3 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F11 Words in s. 738(5) substituted (1.12.2001 with effect in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 43

Marginal Citations

M1 Source—1986 Sch.18 4

M2 Source—1986 Sch.18 10(2)