Biological Standards Act 1975 (c. 4)
390(1)Amend section 2 (exemption of the National Biological Standards Board from income tax and corporation tax) as follows.
(2)In subsection (4)—
(a)for paragraph (a) substitute—
“(a)under Chapter 3 of Part 3 of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA 2005”) in respect of the profits of a UK property business or under Schedule A;”,
(b)in paragraph (b) at the beginning insert “under the provisions of ITTOIA 2005 specified in subsection (4A) in respect of the income charged under those provisions received by the Board or”, and
(c)in paragraph (c) for “under Schedule F” substitute “under Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc. from UK resident companies etc.)”.
(3)After that subsection insert—
“(4A)The provisions are—
(a)Chapter 2 of Part 4 (interest) so far as the income is yearly interest or public revenue dividends (as defined in section 505(1A) of the Income and Corporation Taxes Act 1988),
(b)Chapter 7 of that Part (purchased life annuity payments),
(c)Chapter 10 of that Part (distributions from unauthorised unit trusts),
(d)Chapter 13 of that Part (sales of foreign dividend coupons) so far as the income arises from foreign holdings within section 571(1)(a) (meaning of “foreign holdings” in that Chapter),
(e)Chapter 2 of Part 5, so far as it relates to annual payments (receipts from intellectual property),
(f)Chapter 4 of that Part, so far as it relates to annual payments (certain telecommunication rights: non-trading income), and
(g)Chapter 7 of that Part (annual payments not otherwise charged).”