SCHEDULES
SCHEDULE 6 Foreign income dividends
Schedule 13 to the Taxes Act 1988
16
1
Schedule 13 to the Taxes Act 1988 shall be amended as follows.
2
In paragraph 1 (duty to make returns), in sub-paragraph (1)—
a
paragraph (b) (duty to make returns of foreign income dividends paid and received) shall cease to have effect;
b
in paragraph (c), the words “and foreign income dividends paid” shall cease to have effect; and
c
the words following paragraph (c) (construction of references to foreign income dividends) shall cease to have effect.
3
In sub-paragraph (4) of that paragraph—
a
the word “4A(2),”, and
b
paragraph (b) and the word “and” immediately preceding it,
shall cease to have effect.
4
In paragraph 2 (content of returns)—
a
in sub-paragraph (1)—
i
for “paragraphs 7(2), 3A(2) and 9A(2)” there shall be substituted “
paragraph 7(2)
”
; and
ii
paragraphs (d) to (f) (which require the return to include information in relation to foreign income dividends) shall cease to have effect; and
b
sub-paragraphs (5) and (6) (which supplement paragraphs (e) and (f) of sub-paragraph (1)) shall cease to have effect.
5
In paragraph 3 (payment of tax)—
a
in sub-paragraph (1), the words “and foreign income dividends”, and
b
in sub-paragraph (3), the words “or foreign income dividend”,
shall cease to have effect.
6
Paragraphs 3A and 3B (which make provision in relation to international headquarters companies paying foreign income dividends) shall cease to have effect.
7
In paragraph 4 (receipt of franked investment income after payment of advance corporation tax) in sub-paragraph (2) the words “or paid any foreign income dividends” shall cease to have effect.
8
Paragraph 4A (receipt of foreign income dividends after payment of advance corporation tax) shall cease to have effect.
9
Paragraph 6A (claims for set-off in respect of foreign income dividends received by a company) shall cease to have effect.
10
In paragraph 7 (qualifying distributions which are not payments and payments of uncertain nature) in sub-paragraph (3) the words “and no foreign income dividend is paid” shall cease to have effect.
11
Paragraph 9A (manufactured foreign income dividends) shall cease to have effect.
12
Sub-paragraph (2) above has effect for accounting periods beginning on or after 6th April 1999.
13
Sub-paragraphs (3) to (10) above have effect for return periods beginning on or after 6th April 1999.
14
Sub-paragraph (11) above has effect in relation to manufactured dividends which are representative of dividends paid on or after 6th April 1999.