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(1)     In ITTOIA 2005 omit sections 397 to 398, 400, 414 and 421 (distributions: tax credits, and tax treated as paid).

(2)     In CTA 2010 omit section 1109 (tax credits for certain distributions).

ITTOIA 2005 is further amended as follows.

In the heading of Chapter 3 of Part 4, for “credits etc” substitute “treated as paid”.

In section 382(2) (other contents of Chapter 3 of Part 4)—

Omit section 384(3) (which refers to section 398).

Omit section 393(5) (determining entitlement to tax credit).

In section 394 (which deems a distribution to be made)—

In section 395(3) (interpretation of section 395(2)) omit the words from “after” to the end.

For section 396A(2)(b) (alternative receipt treated as qualifying distribution for the purposes of sections 397 and 399 and for the purposes of section 1100 of