SCHEDULES
SCHEDULE 1Abolition of dividend tax credits etc
Further amendments in ITTOIA 2005
11
1
Section 399 (qualifying distribution received by person not entitled to tax credits) is amended as follows.
2
For subsection (1) substitute—
1
This section applies if—
a
a person's income for a tax year includes a distribution of a company, and
b
the person is non-UK resident.
3
In subsection (2) omit “(but see subsection (7))”.
4
Omit subsections (3) to (5) (amount of dividend received by non-UK resident to be treated as its grossed-up amount).
5
Omit subsection (5A) (amounts treated as qualifying distributions for purposes of the section).
6
Omit subsection (7) (which provides for subsection (2) to be subject to repealed provisions).
7
For the heading substitute “
Tax treated as paid on distributions received by non-UK resident persons
”
.