(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.
(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.
(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.
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(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.
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(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.
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