SCHEDULES
SCHEDULE 14Sale and repurchase of securities: minor and consequential amendments
Income Tax Act 2007 (c. 3)
21
ITA 2007 is amended as follows.
I122
In section 602(1)(b)
(deemed manufactured payments: repos), for “the repurchase price of the securities became due” substitute “
the distribution was payable
”
.
I223
In section 607 (treatment of price differences under repos), after subsection (7) insert—
7A
A company within the charge to corporation tax is not to be treated as a result of this section as making any payment of interest for income tax purposes.
I324
In section 886(2)
(interest paid by recognised clearing houses etc), after “repos)” insert “
, or paragraph 5 of Schedule 13 to FA 2007 (relief for borrower for finance charges in case of debtor repos and debtor quasi-repos),
”
.