SCHEDULES
SCHEDULE 1Abolition of dividend tax credits etc
Other amendments
52
1
ICTA is amended as follows.
2
Omit section 231B (arrangements to pass on value of tax credit).
3
Omit section 824(2) (repayment supplements: tax credits).
4
In section 824(4A) omit paragraph (b) (repayment supplements: tax credit treated as income tax deducted at source), and the “and” preceding it.
5
In section 825(1) (repayment supplements: companies) omit paragraph (c) (tax credits comprised in franked investment income), and the “or” preceding it.
6
In section 826 (interest on tax overpaid by companies)—
a
in subsection (1) omit paragraph (c) (tax credits), including the “or” at the end, and
b
in subsection (3)—
i
omit “or a payment of the whole or part of a tax credit falling within subsection (1)(c) above”, and
ii
omit “or, as the case may be, the franked investment income referred to in subsection (1)(c) above”.