335(1)Amend section 263D (gains accruing to persons paying manufactured dividends) as follows.U.K.
(2)In subsection (2)(b) and (d) for “United Kingdom equities” substitute “ UK shares ”.
(3)In subsection (3)(b) and (d) for “United Kingdom equities” substitute “ UK shares ”.
(4)In subsection (4)(a), (b) and (d) for “United Kingdom equities” substitute “ UK shares ”.
(5)In subsection (7) for “paragraph 2A of Schedule 23A to the Taxes Act” substitute “ sections 574 and 575 of ITA 2007 (manufactured dividends: allowable deductions) ”.
(6)In subsection (9)—
(a)for “paragraph 2 of Schedule 23A to the Taxes Act” substitute “ Chapter 2 of Part 11 of ITA 2007 (manufactured payments) ”,
(b)in paragraph (a)—
(i)for “section 737A(5) of that Act” substitute “ section 602(1) of that Act (deemed manufactured payments: repos) ”, and
(ii)for “Schedule 23A” substitute “ that Chapter of that Part of that Act ”, and
(c)in paragraph (b)—
(i)for “section 736B(2) of that Act” substitute “ section 596(2) of that Act (deemed manufactured payments: stock lending arrangements) ”, and
(ii)for “that Schedule” substitute “ that Chapter of that Part of that Act ”.
(7)In subsection (10) for the words from “the following” to “and, in any such case,” substitute “ those in which there is a repo for the purposes of Part 11 of ITA 2007 (see section 569 of that Act); and, in any such case, ”.
(8)In subsection (12)—
(a)for “United Kingdom equities” substitute “ UK shares ”, and
(b)for “paragraph 1(1) of Schedule 23A to the Taxes Act” substitute “ section 566(2) of ITA 2007 ”.