Amendments to the Income Tax Act 2007
This section has no associated Explanatory Memorandum
4.—(1) The Income Tax Act 2007 is amended as follows.
(2) In section 620(1) (transactions which are transfers: general) for paragraph (c) substitute—
“(c)to the redemption of variable rate securities in any case where there has been a transfer of the securities at any time before redemption, or”.
(3) In paragraph 75(2) of Schedule 2 (transitionals and savings), in the substituted section 294(4), for “qualifying 90% company” substitute “qualifying 90% subsidiary of the relevant company”.