SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

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

516

1

Amend section 399 (qualifying distributions received by persons not entitled to tax credits) as follows.

2

In subsection (4) for the words from “and the distribution” to “treated” substitute “ , the amount or value of the distribution is treated for the purposes of Chapters 3, 4 and 6 of Part 9 of ITA 2007 (special rates for trustees' income) ”.

3

In subsection (7) for the words from “section 231AA(1A)” to the end 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), and

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