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- Point in Time (19/07/2012)
- Original (As enacted)
Version Superseded: 17/07/2013
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There are currently no known outstanding effects for the Income Tax Act 2007, Section 604.
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(1)This section applies if—
(a)an amount is treated as paid under section 602(1)(b) (deemed manufactured payments), and
(b)as a result, one of these sections applies—
(i)section 573 (manufactured dividends on UK shares),
(ii)section 576 (manufactured dividends on UK shares: Real Estate Investment Trusts),
(iii)section 578 (manufactured interest on UK securities),
(iv)section 581 (manufactured overseas dividends).
(2)If the deemed payment is representative of a dividend on UK shares (other than one falling within subsection (3)), the repurchase price of the UK shares is treated for the purposes of section 607 (treatment of price differences under repos) as increased by an amount equal to the amount of the dividend.
(3)So far as the deemed payment is representative of a dividend on UK shares—
[F1(a)paid by a company UK REIT in respect of profits or gains (or both) of the company’s property rental business, or
(b)paid by the principal company of a group UK REIT in respect of profits or gains (or both) of property rental business of members of the group,]
the repurchase price of the UK shares is treated for the purposes of section 607 as increased by the gross amount of the dividend.
(4)If the deemed payment is representative of a periodical payment of interest on UK securities, the repurchase price of the UK securities is treated for the purposes of section 607 as increased by the gross amount of the periodical payment of interest.
(5)If the deemed payment is representative of an overseas dividend on overseas securities, the repurchase price of the overseas securities is treated for the purposes of section 607 as increased by the gross amount of the overseas dividend.
[F2(6)In subsection (3) “gains” includes chargeable gains.]
Textual Amendments
F1S. 604(3)(a)(b) substituted (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. 543(2) (with Sch. 2)
F2S. 604(6) inserted (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. 543(3) (with Sch. 2)
Modifications etc. (not altering text)
C1Ss. 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
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