Income Tax Act 2007 section 614

Sections 612 and 613: supplementary

Section 614 provides supplementary rules that support the operation of sections 612 and 613, which deal with the tax treatment of manufactured payments in the context of stock lending and repo arrangements.

• This section contains additional provisions that supplement the rules in sections 612 and 613 regarding manufactured payments.
• It clarifies how those earlier sections are to be applied in practice, drawing on provisions originally found in section 737E(5), (6) and (7) of the Income and Corporation Taxes Act 1988.
• The supplementary rules ensure that the manufactured payments regime operates consistently and addresses situations not fully covered by sections 612 and 613 alone.
• Practitioners should read this section alongside sections 612 and 613 to gain a complete understanding of how manufactured payments are treated for income tax purposes.