Statute Law Repeals - Law Commission - Ministry of Justice

10.104 Section 25(1) of F (No.2) A 1997 made amendment to ICTA 1988, s 246A(9)
consequential upon the repeal by the 1997 Act 40 of section 95(5) of ICTA 1988.
Section 95 dealt with the taxation of dealers in respect of company distributions;
subsection (5) had defined (amongst other things) “fixed-rate preference shares”.
Section 246A(9) had originally cross-referred to section 95(5).
10.105 Section 246A was repealed by F (No.2) A 1997, ss 36(4), 52 and Sch 6 para 3
and Sch 8 Pt 2(11), in relation to distributions made on or after 6 April 1999, but
subject to certain transitional provisions. Given that repeal, and the repeal of
ICTA 1988, s 95(5), section 25(1) can also now be repealed.
10.106 Section 25(5)-(7) of F (No.2) A 1997 amended FA 1997, Sch 7 para 5 which
made provision for the treatment of company distributions when a company
purchased its own shares. Schedule 7 paragraph 5 (which also referred to
section 95(5) of ICTA 1988) was repealed by F (No.2) A 1997, ss 36(4), 52 and
Sch 6 para 21(3) and Sch 8 Pt 2(11) for distributions made on or after 6 April
1999. Given the repeal of section 95(5), section 25(5),(6),(7) can also now be
repealed.
10.107 Section 35 of, and Schedule 5 to, F (No.2) A 1997 applied transitional relief for
charities. In our published consultation paper we indicated that, because these
provisions were now spent, they could be repealed, alongside a consequential
repeal in ICTA 1988. 41 Since publication, the Finance Act 2011 (c.11), s 91 and
Sch 26 para 1 have been enacted and have repealed the provisions. No further
steps are now required.
10.108 Schedule 3 to F (No.2) A 1997 (and section 23) made a series of statutory
amendments relating to overseas life assurance business. Schedule 3 paragraph
9 amended section 441A of ICTA 1988 (relating to tax credits) by repealing
subsection (1) 42 and substituting clarifying words in subsection (2), for
distributions made on or after 2 July 1997. Section 441A(2)-(8) was then repealed
by the same Act, Sch 4 para 28(1) and Sch 8 Pt 2(10), for distributions made on
or after 6 April 1999, some 21 months later. As a consequence of these repeals
the whole of Schedule 3 paragraph 9 is now superseded and can be repealed.
10.109 Schedule 4 to F (No.2) A 1997 (and section 34) related to overseas life insurance
companies. Schedule 4 paragraph 29 made amendments to Schedule 19AC to
ICTA 1988. Schedule 19AC was later repealed by the Overseas Life Insurance
Companies Regulations 2006 43 for periods of account ending on or after 31
December 2006. Consequentially the Schedule 4 paragraph 29 amendments are
spent, and the provision can now be repealed.
40 By F (No.2) A 1997, s 52 and Sch 8 Pt 2(8), for distributions made on or after 2 July 1997.
41 ICTA 1988, s 231B(4)(d).
42 The repeal was in conjunction with section 52 and Schedule 8 Pt 2(6).
43 SI 2006 No 3271, reg 43(1) and Sch, Pt 1 (made under FA 1993, s 156).
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