Income Tax Act 2007 sections 108–110

Tax credits: stock lending arrangements and repos

Sections 108–110 of Schedule 2 to the Income Tax Act 2007, which dealt with tax credits in relation to stock lending arrangements and repurchase agreements (repos), have been repealed.

• These provisions originally addressed the tax credit treatment of income arising from stock lending arrangements and repo transactions.
• The sections were repealed by the Finance Act 2013, under Schedule 1 paragraph 52 and Schedule 29 paragraph 31.
• The repeal formed part of a wider package of reforms introduced by the Finance Act 2013 affecting the taxation of dividends and other distributions.
• Practitioners should refer to current legislation for the rules now governing the tax treatment of income from stock lending and repo arrangements.