Finance Act 1996 (c. 8)

Part IV U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter VI U.K. Miscellaneous provisions

Investments U.K.

155 Directions for payment without deduction of tax. U.K.

After section 51 of the Taxes Act 1988 there shall be inserted the following section—

“51AA Commencement of direction under section 50 or 51.

A direction under section 50 or 51 that any security shall be deemed to have been issued subject to the condition that the interest thereon shall be paid without deduction of tax may provide that the direction is to have effect in relation only to payments of interest made on or after such date as may be specified in the direction.”