|
|
Amendment of section 746 (offshore income gains accruing to persons resident or domiciled abroad) of Principal Act.
|
58.—(1) Section 746 of the Principal Act is hereby amended—
|
|
| |
(a) by the substitution for subsection (1) of the following subsection:
|
|
| |
“(1) Subject to subsection (2), sections 579 and 579A shall apply in relation to their application to offshore income gains as if—
|
|
| |
(a) for any references to a chargeable gain there were substituted a reference to an offshore income gain,
|
|
| |
(b) in subsection (2) of section 579 and subsection (4) of section 579A for ‘the Capital Gains Tax Acts’ there were substituted ‘the Tax Acts’,
|
|
| |
(c) in subsection (2) of section 579 and subsection (3) of section 579A for ‘capital gains tax under section 31’ there were substituted ‘income tax by virtue of section 745’, and
|
|
| |
(d) in subsection (5) of section 579 and subsection (9) of section 579A—
|
|
| |
(i) for ‘any capital gains tax payable’ there were substituted ‘any income tax or corporation tax payable’, and
|
|
| |
(ii) for ‘for the purposes of income tax’ there were substituted ‘for the purposes of income tax, corporation tax’.”,
|
|
| |
(b) by the insertion after subsection (2) of the following subsection:
|
|
| |
“(2A) Where in any year of assessment—
|
|
| |
(a) under section 579A(4), as it applies apart from subsection (1), a chargeable gain is to be attributed to a beneficiary, and
|
|
| |
(b) under section 579A(4), as applied by subsection (1), an offshore income gain is also to be attributed to the beneficiary,
|
|
| |
section 579A shall apply as if it required offshore income gains to be attributed before chargeable gains.”,
|
|
| |
(c) in subsection (3), by the substitution for paragraphs (b) and (c) of the following paragraphs:
|
|
| |
“(b) for the reference in subsection (9) of that section to capital gains tax there were substituted a reference to income tax or corporation tax, and
|
|
| |
(c) paragraphs (a) and (b) of subsection (7), and subsection (11), of that section were deleted.”,
|
|
| |
(d) in subsection (4), by the substitution for paragraph (b) of the following paragraph:
|
|
| |
“(b) for ‘capital gains tax under sections 579 to 579F or section 590’ there were substituted ‘income tax or corporation tax under sections 579 to 579F or section 590, as applied by section 746’,”
|
|
| |
(e) in subsections (5) and (6) by the substitution for “sections 806 and 807” of “sections 806, 807 and 807A”, in each place where it occurs.
|
|
| |
(2) This section shall apply as on and from the 11th day of February, 1999.
|
