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Income Tax (Trading and Other Income) Act 2005
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393Later charge where cash dividends retained in SIPs are paid overU.K.
This section has no associated Explanatory Notes
(1)This section applies if a cash dividend is paid over to a participant under paragraph 68(4) of Schedule 2 to ITEPA 2003 (cash dividend paid over if not reinvested etc.).
(2)Tax charged under this Chapter is charged for the tax year in which the cash dividend is paid over instead of the tax year in which it was originally paid.
(3)Tax so charged is charged on the amount of the cash dividend paid over.
(4)The person liable for any tax so charged is the participant.
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)For the purposes of this Chapter, the question whether a cash dividend paid over to a participant under paragraph 68(4) of Schedule 2 to ITEPA 2003 is a dividend paid by a company that is UK resident is determined by reference to the tax year in which the dividend was originally paid.
Textual Amendments
F1S. 393(5) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 6
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