SCHEDULES

SCHEDULE 1U.K.Minor and consequential amendments

Part 2U.K.Other enactments

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

520(1)Amend section 414 (stock dividends from UK resident companies: income tax to be treated as paid) as follows.U.K.

(2)In subsection (1) for “income to which section 686 of ICTA applies” substitute “ accumulated or discretionary income (as defined in section 480 of ITA 2007) ”.

(3)In subsection (4) after “fall to be made” insert “ at Step 2 or 3 of the calculation in section 23 of ITA 2007 (calculation of income tax liability) ”.