21U.K.ITA 2007 is amended as follows.
22U.K.In section 602(1)(b) (deemed manufactured payments: repos), for “the repurchase price of the securities became due” substitute “ the distribution was payable ”.
Commencement Information
I1Sch. 14 para. 22 in force at 1.10.2007 for the purposes of the amendment made by that paragraph, with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 3
23U.K.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.”
Commencement Information
I2Sch. 14 para. 23 in force at 1.10.2007 for the purposes of the amendment made by that paragraph, with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 3
24U.K.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), ”.
Commencement Information
I3Sch. 14 para. 24 in force at 1.10.2007 for the purposes of the amendment made by that paragraph, with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 3