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Finance (No. 2) Act 2005

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This is the original version (as it was originally enacted).

Manufactured interest and the accrued income scheme

6(1)In Schedule 23A to ICTA (manufactured dividends and interest) paragraph 3 (manufactured interest on UK securities) is amended as follows.

(2)In sub-paragraph (2A) (restriction on relief under sub-paragraph (2)(c))—

(a)in paragraph (a) (receipt of interest or payment representative of it) after “is chargeable to income tax” insert “(and see section 714(5) for the amount so chargeable in a case where section 714(4) applies)”, and

(b)for paragraph (b) (accrued income scheme) substitute—

“(b)is, by virtue of section 714(2), chargeable to income tax on annual profits or gains in respect of transfers of securities which are subject to the arrangement giving rise to the payment of manufactured interest; or”.

(3)In sub-paragraph (2A), in the paragraph (b) so substituted, for “annual profits or gains” substitute “income”.

(4)The amendment made by sub-paragraph (3) has effect in relation to payments of manufactured interest made on or after 6th April 2005.

(5)The other amendments made by this paragraph have effect in relation to payments of manufactured interest made on or after 16th March 2005.

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