{
  "url": "https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-515",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/schedule-1/paragraph-515.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "schedule/1/paragraph/515",
  "kind": "paragraph",
  "number": "515",
  "heading": null,
  "text": "(1) Amend section 397 (tax credits for qualifying distributions: UK residents and eligible non-UK residents) as follows.\n(2) In subsection (2) omit paragraph (b) and the “or” immediately before it.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) In subsection (6) for the words from “section 231AA” to “umbrella scheme),” substitute—\n“section 504(4) of ITA 2007 (disapplication of certain provisions for income of unauthorised unit trusts),\nsection 592 of ITA 2007 (no tax credits for borrower under stock lending arrangement),\nsection 593 of ITA 2007 (no tax credits for interim holder under repo),\nsection 594 of ITA 2007 (no tax credits for original owner under repo),”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 1 para. 515(3) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 63(18)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "repealed",
      "affecting": "ukpga/2012/14",
      "affecting_title": "Finance Act 2012"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/515",
    "retrieved_at": "2026-10-29T09:13:03.599581+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}