Search Legislation

Income Tax (Trading and Other Income) Act 2005

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 397B

 Help about opening options

Version Superseded: 01/01/2014

Status:

Point in time view as at 21/07/2009. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 397B. Help about Changes to Legislation

[F1397BTax credits under section 397A: manufactured overseas dividendsU.K.
This section has no associated Explanatory Notes

(1)This section applies where, under section 581 of ITA 2007, a person is treated as receiving an overseas dividend by virtue of having received a manufactured overseas dividend which is representative of an overseas dividend.

(2)For the purposes of section 397A, the person is treated as receiving a relevant distribution made by a non-UK resident company F2... if, and only if, the manufactured overseas dividend is representative of such a distribution.

(3)References in section 397A to the grossed up distribution have effect as if they were references to the gross amount of the overseas dividend of which the manufactured overseas dividend is representative [F3(“the original dividend”)], disregarding the amount of any overseas tax credit.

[F4(3A)Section 397AA has effect as if—

(a)the references in subsections (2)(a), (3) and (4)(a) to the relevant distribution were to the original dividend, and

(b)the reference in subsection (2)(b) to the company that makes the relevant distribution were to the company that makes the original dividend.]

(4)In this section—

  • gross amount”, in relation to [F5an] overseas dividend, has the same meaning as in Chapter 2 of Part 11 of ITA 2007 (manufactured payments) (see section 589 of that Act),

  • manufactured overseas dividend” and “overseas tax credit” have the same meaning as in Chapter 2 of that Part (see sections 581 and 591 of that Act), and

  • overseas dividend” has the same meaning as in that Part (see section 567 of that Act).]

Textual Amendments

F1Ss. 397A-397C inserted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 4

F2Words in s. 397B(2) omitted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 19 para. 4(2)

F3Words in s. 397B(3) inserted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 4(3)

F4S. 397B(3A) inserted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 4(4)

F5Word in s. 397B(4) substituted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 4(5)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?