Section 614ZD — Income Tax Act 2007: Treatment of recipient of manufactured payment

Treatment of recipient of manufactured payment 614ZD 1 Subsection (2) applies if a person has a manufactured payment relationship under which a manufactured payment is payable to the person.

2 For the purposes of the charge to income tax on the person's income, the Income Tax Acts apply to the person as if the manufactured payment were a dividend or interest on the securities (as the case may require).

3 Subsection (2) is subject to subsections (4) and (5) .

4 Subsection (2) does not apply in relation to the person so far as the manufactured payment is brought into account under Part 2 of ITTOIA 2005 in calculating the profits of a trade carried on by the person.

5 Subsection (2) does not apply in relation to the person for the purposes of determining entitlement to double taxation relief in respect of any dividend or interest. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 For the purposes of this section “ double taxation relief ” means any relief given under or as a result of Part 2 of TIOPA 2010.