Income Tax (Trading and Other Income) Act 2005 section 397B

Tax credits under section 397A: manufactured overseas dividends

Section 397B dealt with the tax credit treatment of manufactured overseas dividends, but this section has been removed from the legislation.

• Section 397B originally provided rules for tax credits in relation to manufactured overseas dividends, supplementing the provisions in section 397A.
• The section was introduced by Finance Act 2008, Schedule 12, paragraph 4, and was subsequently amended by Finance Act 2016.
• Section 397B was repealed by Finance Act 2013 (section 77 and Schedule 29, paragraph 15), taking effect from 1 January 2014.
• Since 1 January 2014, this section no longer has any operative effect and should not be relied upon for current tax computations.