1U.K.The Taxes Act 1988 shall be amended in accordance with paragraphs 2 to 28 below.
F12U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 7 para. 2 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
3U.K.Section 17 (Schedule C) shall be omitted.
4F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
(2)In subsection (3) of that section—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in Case IV, the words “except such income as is charged under Schedule C” shall be omitted; and
F4(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 7 para. 4(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F3Sch. 7 para. 4(2)(a) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F4Sch. 7 para. 4(2)(c) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F5Sch. 7 para. 4(3)(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F65U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Sch. 7 para. 5 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
6U.K.For the heading to Part III there shall be substituted the following heading— “ Government Securities ”
7U.K.Section 44 (mode of charge of tax under Schedule C) shall be omitted.
8U.K.Section 45 (interpretation of Part III) shall be omitted.
9U.K.Section 48 (securities of foreign states) shall be omitted.
10U.K.In section 49 (stock and dividends in name of Treasury etc.), after subsection (2) there shall be inserted the following subsection—
“(3)In this section “dividends” means any interest, public annuities, dividends or shares of annuities.”
11U.K.In sections 50(1) and 51A(1) (which provide for interest on certain securities to be paid without deduction of tax), the words “but shall be chargeable to tax under Case III of Schedule D” shall in each case be omitted.
12U.K.Section 52 (taxation of interest on converted securities and interest which becomes subject to deduction) shall be omitted.
13U.K.Section 123 (foreign dividends) shall be omitted.
14U.K.In section 124—
(a)in subsection (6) (definitions in connection with quoted Eurobonds), the definitions of “recognised clearing system” and “relevant foreign securities”, and the word “and” immediately preceding those definitions, and
(b)subsection (7),
shall be omitted.
F715U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7Sch. 7 para. 15 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
16U.K.In section 398 (transactions in deposits with and without certificates or in debts), in paragraph (b), the words “C or” shall be omitted.
F817U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F8Sch. 7 para. 17 repealed (with effect in accordance with Sch. 43 Pt. 5(3) Note of the amending Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(3)
18U.K.In section 474 (treatment of tax-free income), subsections (1) and (3) shall be omitted.
F919U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9Sch. 7 para. 19 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
F1020U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10Sch. 7 para. 20 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
21(1)In section 516 (government securities held by non-resident central banks), in subsection (1), for “dividends (within the meaning of Schedule C) paid out of the public revenue of the United Kingdom where they are” there shall be substituted “ income from securities which is payable out of the public revenue of the United Kingdom and which is ”.U.K.
(2)In subsection (2) of that section, for “such dividends” there shall be substituted “ such income ”.
22U.K.In section 582A (designated international organisations), subsection (3) shall be omitted.
F1123U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F11Sch. 7 para. 23 omitted (with effect in accordance with Sch. 25 para. 10 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 25 para. 9(3)(c)
F1224U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12Sch. 7 para. 24 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
25U.K.In section 832(1) (interpretation of the Tax Acts), the definition of “recognised clearing system” shall be omitted.
F1326U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F13Sch. 7 para. 26 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
27U.K.Schedule 3 (machinery for payment of income tax under Schedule C and, in certain cases, Schedule D) shall be omitted.
F1428U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Sch. 7 para. 28 repealed (28.7.2000) by 2000 c. 17, s. 156, Sch. 40 Pt. II(17)