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Income and Corporation Taxes Act 1988, Section 698A is up to date with all changes known to be in force on or before 07 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Subject to subsection (3) below, in so far as any income of any person is treated under this Part as having borne income tax at the lower rate, section 1A shall have effect as if that income were income to which that section applies otherwise than by virtue of the income being income chargeable under [F4Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc. from UK resident companies etc.)].
(2)Subject to subsection (3) below, in so far as any income of any person is treated under this Part as having borne income tax at the [F5dividend] ordinary rate, that income shall be treated as if it were income chargeable under [F6Chapter 3 of Part 4 of ITTOIA 2005].
(3)Subsections (1) and (2) above shall not apply to income paid indirectly through a trustee and treated by virtue of section 698(3) [F7above or of section 662 of ITTOIA 2005 read with section 656(3) or 657(4) of that Act] as having borne income tax at the lower rate or the [F8dividend] ordinary rate; but, subject to section 686(1), section 1A shall have effect as if the payment made to the trustee were income of the trustee—
(a)to which section 1A applies by virtue of the income being chargeable under [F9Chapter 3 of Part 4 of ITTOIA 2005], in the case of income treated as having borne tax at the [F10dividend] ordinary rate; and
(b)to which section 1A applies otherwise than by virtue of the income being chargeable under [F11Chapter 3 of Part 4 of ITTOIA 2005], in any other case.]]
Textual Amendments
F1S. 698A inserted (27.7.1993 with effect for the year 1993-1994 and subsequent years of assessment) by 1993 c. 34, s. 79, Sch. 6 paras. 11(2), 25(1)
F2S. 698A substituted (with effect in accordance with s. 33(11) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 33(1)
F3Word in s. 698A sidenote substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(5) (with Sch. 2)
F4Words in s. 698A(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(2) (with Sch. 2)
F5Word in s. 698A(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(3)(a) (with Sch. 2)
F6Words in s. 698A(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(3)(b) (with Sch. 2)
F7Words in s. 698A(3) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(4)(a) (with Sch. 2)
F8Word in s. 698A(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(4)(b) (with Sch. 2)
F9Words in s. 698A(3)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(4)(c) (with Sch. 2)
F10Word in s. 698A(3)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(4)(d) (with Sch. 2)
F11Words in s. 698A(3)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 288(4)(e) (with Sch. 2)
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