SCHEDULES

SCHEDULE 38Sale and repurchase of securities etc

Increase of repurchase price of UK securities by amount of deemed manufactured dividend

1

In section 737C of the Taxes Act 1988 (deemed manufactured payments)—

a

in subsection (3)(b) (repurchase price of UK equities to be treated as increased by gross amount of deemed manufactured dividend), omit “gross”, and

b

omit subsection (4) (definition of gross amount).