SCHEDULES
SCHEDULE 14Sale and repurchase of securities: minor and consequential amendments
Income and Corporation Taxes Act 1988 (c. 1)
I12
1
Section 231AA (no tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement) is amended as follows.
2
In subsection (1)—
a
for “the interim holder under a repurchase agreement” substitute “
the lender under a creditor repo or creditor quasi-repo
”
, and
b
for “or agreement”
(in both places) substitute “
or repo in question
”
.
3
For subsection (3) substitute—
3
In this section creditor repo and “creditor quasi-repo” have the meaning given by Schedule 13 to the Finance Act 2007.
4
In subsection (4), omit “or 737A(5)”.
5
After that subsection insert—
5
For the purposes of this section a person is taken to have paid a manufactured dividend representative of a distribution in respect of securities to which a creditor repo relates if (as a result of paragraph 13(1) of Schedule 13 to the Finance Act 2007) the person is treated for the purposes of Chapter 9 of Part 15 of ITA 2007 as making a payment which is representative of the income payable on the securities.