SCHEDULES
SCHEDULE 1Consequential amendments
Part 2Other enactments
Chevening Estate Act 1959 (c. 49)
356
1
Amend section 2 (provisions as to income tax, estate duty and stamp duty) as follows.
2
In subsection (1)—
a
omit paragraph (a),
b
in paragraph (b) for “Schedule D” substitute “
Part 3 of the Income Tax (Trading and Other Income) Act 2005
”
, and
c
in paragraph (c) for the words from “Schedule C” to “annual payment” substitute “
the provisions of the Income Tax (Trading and Other Income) Act 2005 specified in subsection (1A) in respect of the income chargeable under those provisions
”
.
3
After subsection (1) insert—
1A
The provisions are—
a
Chapter 2 of Part 4 (interest) so far as the income is yearly interest or public revenue dividends (as defined in section 505(1A) of the Income and Corporation Taxes Act 1988),
b
Chapter 7 of that Part (purchased life annuity payments),
c
Chapter 10 of that Part (distributions from unauthorised unit trusts),
d
Chapter 13 of that Part (sales of foreign dividend coupons) so far as the income arises from foreign holdings within section 571(1)(a) (meaning of “foreign holdings” in that Chapter),
e
Chapter 2 of Part 5, so far as it relates to annual payments (receipts from intellectual property),
f
Chapter 4 of that Part, so far as it relates to annual payments (certain telecommunication rights: non-trading income), and
g
Chapter 7 of that Part (annual payments not otherwise charged).