Schedules

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Income Tax Act 2007

543

(1)

Amend section 604 (deemed increase in repurchase price: price differences under repos) as follows.

(2)

In subsection (3) for paragraphs (a) and (b) substitute—

“(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,”.

(3)

After subsection (5) insert—

“(6)

In subsection (3) “gains” includes chargeable gains.”