Chapter 2 of Part 4 of ITTOIA 2005 (interest) is amended as follows.
In section 369(2) (list of provisions extending what is treated as interest for certain purposes), after the entry relating to section 376 insert— ." section 378A (offshore fund distributions), "
After section 378 insert—
Accordingly, in section 367 of ITTOIA 2005 (priority between Chapters within Part 4), in subsection (3)—
in paragraph (a), after "dividends)" insert , and" , 378A (offshore fund distributions) "
in paragraph (b), insert at the end "or Chapter 4 (or both)".
The amendments made by this section have effect in relation to—
distributions arising on or after 22 April 2009, and
manufactured overseas dividends that are representative of a distribution arising on or after that date.