Income Tax Act 2007 sections 111–113

Deemed manufactured payments: stock lending arrangements

Sections 111–113 of Schedule 2 to the Income Tax Act 2007 dealt with the treatment of deemed manufactured payments arising under stock lending arrangements, but their substantive content has been repealed and replaced by later legislation.

• These provisions originally addressed how manufactured payments under stock lending arrangements were to be treated for income tax purposes.
• Section 111 was amended by Finance Act 2013, Schedule 1, Paragraph 52 and Schedule 29, Paragraph 31, which removed its operative content.
• Sections 112 and 113 were similarly revised by Finance Act 2013, Schedule 12, Paragraph 15(4), leaving them without substantive effect.
• Practitioners should refer to the Finance Act 2013 amendments for the current rules governing deemed manufactured payments in stock lending contexts.