SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax (Trading and Other Income) Act 2005 (c. 5)

515

1

Amend section 397 (tax credits for qualifying distributions: UK residents and eligible non-UK residents) as follows.

2

In subsection (2) omit paragraph (b) and the “or” immediately before it.

3

In subsection (4) after “ICTA” insert “ or section 56(3) of ITA 2007 ”.

4

In subsection (6) for the words from “section 231AA” to “umbrella scheme),” substitute—

section 504(4) of ITA 2007 (disapplication of certain provisions for income of unauthorised unit trusts),

section 592 of ITA 2007 (no tax credits for borrower under stock lending arrangement),

section 593 of ITA 2007 (no tax credits for interim holder under repo),

section 594 of ITA 2007 (no tax credits for original owner under repo),