Income Tax (Trading and Other Income) Act 2005

4 (1) Amend section 1B (rates of tax applicable to Schedule F income) as follows.

(2) In subsection (1)—

(a) for paragraphs (a) and (b) substitute—

“(a) income chargeable under Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc. from UK resident companies etc.) (if any), and

(b) dividends chargeable under Chapter 4 of Part 4 of that Act (dividends from non-UK resident companies) (if any) or relevant foreign distributions chargeable under Chapter 8 of Part 5 of that Act (income not otherwise charged) (if any),” and

(b) for “Schedule F”, in the second place where it occurs, substitute “dividend”.

(3) In subsection (2) for “Schedule F”, in both places where it occurs, substitute “dividend”.

(4) After subsection (2) insert—

“(3) In this section “relevant foreign distribution” has the same meaning as in section 1A (see subsection (8) of that section).”

(5) In the side-note for the section for “Schedule F” substitute “distribution”.