Part 3Income tax, corporation tax and capital gains tax
Chapter 4Personal taxation
Miscellaneous
91Income of spouses: jointly held property
1
Section 282A of the Taxes Act 1988 is amended as follows.
2
After subsection (4) insert—
4A
Subsection (1) above shall not apply to income consisting of a distribution arising from property consisting of—
a
close company shares to which either the husband or the wife is beneficially entitled to the exclusion of the other, or
b
close company shares to which they are beneficially entitled in equal or unequal shares.
In this subsection “close company shares” means shares in or securities of a close company; and for this purpose “shares” and “securities” have the same meaning as in Part 6 (see section 254).
3
This section has effect in relation to the year 2004-05 and subsequent years of assessment.