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Finance (No. 2) Act 1997

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This is the original version (as it was originally enacted).

20(1)Section 743 of the Taxes Act 1988 (provisions supplemental to section 739 etc) shall be amended as follows.

(2)In subsection (1) (subject to an exception for income which has borne tax by deduction at the basic rate or the lower rate, income chargeable under s.739 to be charged under Case VI of Schedule D)—

(a)for “or the lower rate” there shall be substituted “, the lower rate or the Schedule F ordinary rate”; and

(b)for “under Case VI of Schedule D” there shall be substituted—

“(a)in the case of income falling within subsection (1A) below, as if it were income to which section 1A applies by virtue of subsection (2)(b) of that section; and

(b)in the case of any other income, under Case VI of Schedule D”.

(3)After subsection (1) there shall be inserted—

“(1A)Income falls within this subsection if it is—

(a)income chargeable under Schedule F;

(b)income to which section 1A applies by virtue of its being equivalent foreign income falling within subsection (3)(b) of that section and chargeable under Case V of Schedule D;

(c)a distribution in relation to which section 233(1) applies;

(d)a qualifying distribution whose amount or value is determined in accordance with section 233(1A);

(e)a non-qualifying distribution, within the meaning of section 233(1B);

(f)income treated as arising by virtue of section 249;

(g)income treated as received by virtue of section 421(1)(a).”

(4)This paragraph has effect for the year 1999-00 and subsequent years of assessment.

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