SolvedSchedule 4 | Tax credits, taxation of distributions etc
From legislation.gov.uk
Part IGeneral
The Taxes Management Act 1970
Section 7
(1)In section 7 of the Taxes Management Act 1970 (notice of liability to income tax and capital gains tax) in subsection (6) (sources of income which fall within that subsection) after the words “other than the basic rate” there shall be inserted “ , the Schedule F ordinary rate ”.
(2)This paragraph has effect for the year 1999-00 and subsequent years of assessment.
Section 42 (pre-corporation tax self-assessment version)
(1)In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending before the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect—
(a)in subsection (5) (form of claim) the words “Subject to subsection (5A) below,”;
(b)subsection (5A) (claims by companies for payment of tax credits); and
(c)subsection (10A) (extended meaning of terms used in subsection (5A)).
(2)This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999.
Section 42 (corporation tax self-assessment version)F1
(1)In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending on or after the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect—
(a)subsections (4) and (4A) (claims by companies for payment of tax credits); and
(b)in subsection (5), the words from “and the reference in subsection (4) above” onwards.
(2)This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999.
The Taxes Act 1988
Section 231
(4)RepealedF2
Section 232
(5)RepealedF3
Section 233
(6)RepealedF4
Sections 235 to 237
(1)Sections 235 to 237 of the Taxes Act 1988 (distributions of exempt funds and bonus issues) shall cease to have effect.
(2)This paragraph has effect in relation to distributions made on or after 6th April 1999.
Section 238F5
(8)Repealed
Section 241F6
(9)Repealed
Section 249
(10)RepealedF7
Section 421
(11)RepealedF8
Section 469
(12)RepealedF9
Section 549
(13)RepealedF10
Section 660C
(14)RepealedF11
Section 687
(15)RepealedF12
Section 689B
(16)RepealedF13
Section 699
(17)RepealedF14
Section 703F15
(18)Repealed
Section 709
(1)In section 709 of the Taxes Act 1988 (meaning of tax advantage etc) in subsection (2A) (references to a relief and to repayment of tax to include references to a tax credit and payment of any amount in respect of a tax credit) the words “and to a repayment of tax”, “respectively” and “and to a payment of any amount in respect of a tax credit” shall be omitted.
(2)This paragraph has effect for the year 1999-00 and subsequent years of assessment.
Section 743
(20)RepealedF16
Section 819
(21)RepealedF17
Section 832
(22)RepealedF18
Schedule 13F19
(23)Repealed
The Taxation of Chargeable Gains Act 1992
Section 4
(24)RepealedF20
Section 6
(25)RepealedF21
Part IIInsurance companies and Lloyd’s underwriters
The Taxes Act 1988
Section 231B
(1)In section 231B of the Taxes Act 1988, in subsection (4)(b), the words “or 441A(7)” shall be omitted.
(2)This paragraph has effect in relation to distributions made on or after 6th April 1999.
Section 434
(27)RepealedF22
Section 441A
(1)In section 441A, subsections (2) to (8) (regulations about tax credits to which insurance companies are entitled) shall cease to have effect.
(2)This paragraph has effect in relation to distributions made on or after 6th April 1999.
Schedule 19AC
(29)RepealedF23
The Finance Act 1993
Schedule 20
(1)In Schedule 20 to the Finance Act 1993 (Lloyd’s underwriters: special reserve funds) the following provisions shall cease to have effect—
(a)paragraph 9(3) (claims for payment of tax credits); and
(b)in paragraph 11(3)(c) (value of fund as increased by tax repayment or tax credit received under paragraph 9(2) or (3)) the words “or tax credit received” and “or (3)”.
(2)Sub-paragraph (1) above has effect in relation to distributions made on or after 6th April 1999.