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Finance (No. 2) Act 1997
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Section 249
10(1)Section 249 of the Taxes Act 1988 (stock dividends treated as income) shall be amended as follows.
(2)In subsection (4) (taxation of individuals)—
(a)in the words preceding paragraph (a), for “lower rate” there shall be substituted “Schedule F ordinary rate”;
(b)in paragraph (a), for “lower rate” there shall be substituted “Schedule F ordinary rate”; and
(c)in paragraph (c), after “as if it were income to which section 1A applies” there shall be inserted “as it applies to income chargeable under Schedule F”.
(3)In subsection (6) (taxation of trustees) in paragraph (b) for “lower rate” there shall be substituted “Schedule F ordinary rate”.
(4)This paragraph has effect in relation to share capital, within the meaning of section 249 of the Taxes Act 1988, issued on or after 6th April 1999.
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