SCHEDULES

SCHEDULE 1Abolition of dividend tax credits etc

Further amendments in ITTOIA 2005

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In section 854(6) (carrying on by partner of notional business: meaning of “untaxed income”)—

a

omit the “or” at the end of paragraph (b), and

b

after paragraph (c) insert—

d

income chargeable under Chapter 5 of Part 4 (stock dividends from UK resident companies), or

e

income chargeable under Chapter 6 of Part 4 (release of loan to participator in closed company).