Part 11 U.K. Manufactured payments and repos

Chapter 1 U.K. Introduction

F1 565 Overview of Part U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 566 Meaning of “UK shares” and “UK securities” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 567 Meaning of “overseas shares”, “overseas securities” and “overseas dividend” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 568 Meaning of “stock lending arrangement” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 569 Meaning of “repo” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 570 Meaning of “buying back” securities etc U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 571 Meaning of “related” agreements U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Chapter 2 U.K. Manufactured payments

Introduction U.K.

F1 572 Overview of Chapter U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 572A Meaning of “avoidance arrangements” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Manufactured dividends on UK shares U.K.

F1 573 Manufactured dividends on UK shares U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 574 Allowable deductions... U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 575 Allowable deductions: restriction on double-counting U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 576 Manufactured dividends on UK shares: Real Estate Investment Trusts U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 577 Statements about manufactured dividends U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Manufactured interest on UK securities U.K.

F1 578 Manufactured interest on UK securities U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 579 Allowable deductions... U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 580 Allowable deductions: restriction on double counting U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Manufactured overseas dividends U.K.

F1 581 Manufactured overseas dividends U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 581A Avoidance arrangements U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 582 Powers about manufactured overseas dividends U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Special cases U.K.

F1 583 Manufactured payments exceeding underlying payments U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 584 Manufactured payments less than underlying payments U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 585 Power to deal with other special cases U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

General regulation-making powers U.K.

F1 586 Powers about administrative provisions U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 587 Power for manufactured payments to be eligible for relief U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 588 Regulation-making powers: general U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Interpretation U.K.

F1 589 Meaning of “gross amount”: interest and manufactured overseas dividends U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 590 Meaning of “relevant withholding tax” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 591 Interpretation of other terms used in Chapter U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Chapter 3 U.K. Tax credits: stock lending arrangements and repos

Stock lending arrangements U.K.

F1 592 No tax credits for borrower under stock lending arrangement U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Repos U.K.

F1 593 No tax credits for interim holder under repo U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

F1 594 No tax credits for original owner under repo U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Interpretation U.K.

F1 595 Meaning of “manufactured dividend” U.K.

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Textual Amendments

F1 Ss. 565-595 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(a)

Chapter 4 U.K. Deemed manufactured payments

Stock lending arrangements U.K.

596 Deemed manufactured payments: stock lending arrangements U.K.

F2 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (1B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (1C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 S. 596(1)-(4) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(b)

F3 S. 596(5) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(a)

F4 597 Deemed interest: cash collateral under stock lending arrangements U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 598 Cash collateral under stock lending arrangements: supplementary U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 599 Sections 597 and 598: quasi-stock lending arrangements and quasi-cash collateral U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 600 Meaning of “quasi-stock lending arrangements” and “quasi-cash collateral” U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

Repos U.K.

F4 601 Repo cases in which deeming rules apply U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 602 Deemed manufactured payments: repos U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 603 Deemed deductions of tax U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 604 Deemed increase in repurchase price: price differences under repos U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

F4 605 Deemed increase in repurchase price: other income tax purposes U.K.

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Textual Amendments

F4 Ss. 597-605 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(b)

Interpretation U.K.

606 Interpretation of Chapter U.K.

F5 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (6A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 S. 606(1)-(7) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(c)

F6 S. 606(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 544(b), Sch. 3 Pt. 1 (with Sch. 2)

F7 S. 606(8) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 18(c)

F8 S. 606(9)(10) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(c)

Modifications etc. (not altering text)

C1 Ss. 601-610 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by Sale and Repurchase of Securities (Modification of Enactments) Regulations 2007 (S.I. 2007/2486), regs. 1(1), 2(2), 3

Chapter 5 U.K. Price differences under repos

Main tax treatment U.K.

F9 607 Treatment of price differences under repos U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

F9 608 Exceptions to section 607 U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

Additional tax treatment U.K.

F9 609 Additional income tax consequences of price differences U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

Interpretation U.K.

F9 610 Repurchase price in deemed manufactured payment case U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

Power to modify U.K.

F9 611 Power to modify Chapter in non-arm's length case U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

Chapter 6 U.K. Powers to modify repo provisions

F9 612 Non-standard repo cases U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

F9 613 Redemption arrangements U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)

F9 614 Sections 612 and 613: supplementary U.K.

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Textual Amendments

F9 Ss. 607-614 omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 15(2)(d)