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Finance Act 2003

Amendment of section 747E (disposal of an interest in offshore funds) of Principal Act.

55.—(1) Section 747E of the Principal Act is amended in subsection (1) by substituting the following for paragraph (a):

“(a) be treated as an amount of income chargeable to tax under Case IV of Schedule D, and the rate of corporation tax to be charged on that income shall, notwithstanding section 21A(3), be the rate of income tax chargeable on income referred to in paragraph (b), and”.

(2) Subsection (1) is deemed to have applied as on and from 1 January 2001.