22U.K.In section 919 (manufactured interest on UK securities)—
(a)for subsection (1) substitute—
“(1)This section applies if—
(a)a person pays a manufactured payment as mentioned in section 614ZC(1),
(b)the amount payable is representative of interest on UK securities (“manufactured interest”), and
(c)the person —
(i)is UK resident, or
(ii)pays the manufactured interest in the course of a trade carried on in the United Kingdom through a branch or agency.”,
(b)in subsection (4), omit the words from “section 583” to “special cases)”, and
(c)after subsection (5) insert—
“(6)In subsection (1) “UK securities” means securities of—
(a)the government of the United Kingdom,
(b)a local authority in the United Kingdom,
(c)another public authority in the United Kingdom, or
(d)a UK resident company or other UK resident body.
(7)But “UK securities” does not include shares in a UK resident company.
(8)In this section “securities” includes loan stock or any similar security.”