Point in time view as at 06/04/2009.
Finance Act 2007, Paragraph 2 is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
2(1)Section 231AA (no tax credit for borrower under stock lending arrangement or interim holder under repurchase agreement) is amended as follows.U.K.
(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.”
Commencement Information
I1Sch. 14 para. 2 in force at 1.10.2007 for the purposes of the amendments 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
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