Income and Corporation Taxes Act 1988

Section 736A.]

[F1 Schedule 23A U.K. MANUFACTURED DIVIDENDS AND INTEREST

Textual Amendments

F1 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

Modifications etc. (not altering text)

C1 Sch. 23A modified (19.3.1997) by Finance Act 1997 (c. 16), Sch. 7 para. 7(3)

Interpretation U.K.

F2 1 (1) In this Schedule—

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “dividend manufacturer” has the meaning given by paragraph 2(1) below;

• “dividend manufacturing regulations” means regulations made by the Treasury under this Schedule;

• F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “manufactured dividend” F6 . . . and “manufactured overseas dividend” shall be construed respectively in accordance with paragraphs 2 F6 . . . and 4 below, as shall references to the gross amount thereof;

• [F7 “manufactured interest” means an amount—

  (a)

  which is representative of a periodical payment of interest on United Kingdom securities, and

  (b)

  which, under a contract or other arrangements for the transfer of the securities, one of the parties is required to pay to the other;]

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “overseas dividend” means any interest, dividend or other annual payment payable in respect of any overseas securities;

• “overseas dividend manufacturer” has the meaning given by paragraph 4(1) below;

• “overseas securities” means—

  (a)

  shares, stock or other securities issued by a government or public or local authority of a territory outside the United Kingdom or by any other body of persons not resident in the United Kingdom;F8 . . .

  (b)

  F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “overseas tax” means tax under the law of a territory outside the United Kingdom;

• “overseas tax credit” means any such credit under the law of a territory outside the United Kingdom in respect of overseas tax as corresponds to a tax credit;

• “prescribed” means prescribed in dividend manufacturing regulations;

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “securities” includes any loan stock or similar security;

• “transfer” includes any sale or other disposal;

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “United Kingdom equities” means shares of any company resident in the United Kingdom;

• “United Kingdom securities” means securities of the government of the United Kingdom, of any public or local authority in the United Kingdom or of any company or other body resident in the United Kingdom, but does not include F9 . . . United Kingdom equities.

(2) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F3 Sch. 23A para. 1(1): definitions of "approved stock lending arrangement", "market maker", "recognised clearing house", "recognised investment exchange", "unapproved manufactured payment" and "unapproved stock lending arrangement" repealed (with effect in accordance with Sch. 18 Pt. 6(10), Notes 1, 2 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F4 Sch. 23A para. 1(1): definition of "foreign income dividend" repealed (with effect in accordance with Sch. 6 para. 17(5) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 17(2), Sch. 8 Pt. 2(11), Note

F5 Sch. 23A para. 1(1): definition of "interest manufacturer" repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(2)(a), Sch. 3 Pt. 1 (with Sch. 2)

F6 Sch. 23A para. 1(1): words in definition of "manufactured dividend", "manufactured interest" and "manufactured overseas dividend" repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(2)(b), Sch. 3 Pt. 1 (with Sch. 2)

F7 Sch. 23A para. 1(1): definition of "manufactured interest" inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(2)(c) (with Sch. 2)

F8 Sch. 23A para. 1(1): in the definition of "overseas securities", para. (b) and preceding word repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. 2(17)

F9 Sch. 23A para. 1(1): words in definition of "UK securities" repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. 2(17)

F10 Sch. 23A para 1(2) repealed (with effect in accordance with Sch. 18 Pt. 6(10) Note 2 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

[F11 Manufactured dividends on UK equities: general] U.K.

Textual Amendments

F11 Sch. 23A paras. 2-2B and cross-headings substituted for Sch. 23A para. 2 and cross-heading (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 c. 16, Sch. 10 para. 10(1)

[F12 F13 2 (1) This paragraph applies in any case where, under a contract or other arrangements for the transfer of United Kingdom equities, one of the parties (a “dividend manufacturer”) is required to pay to the other (“the recipient”) an amount (a “manufactured dividend”) which is representative of a dividend on the equities.

[F14 (2) Where a manufactured dividend is paid by a dividend manufacturer who is a company resident in the United Kingdom, the [F15 Corporation] Tax Acts shall have effect—

(a) in relation to the recipient, and persons claiming title through or under him, as if the manufactured dividend were a dividend on the UK equities in question; and

(b) in relation to the dividend manufacturer, as if the amount paid were a dividend of his.]

(3) Where a manufactured dividend to which sub-paragraph (2) above does not apply is paid by any person—

(a) F16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the [F17 Corporation] Tax Acts shall have effect in relation to the recipient, and persons claiming title through or under him, as if the manufactured dividend were a dividend on the United Kingdom equities in question; F18 . . .

(c) F18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 (6) F20 . . . Where—

(a) a dividend manufacturer pays a manufactured dividend F21 . . . , F22 . . . [F23 , and

(aa) the dividend manufacturer is a non-UK resident company within the charge to corporation tax,]

F22 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the dividend manufacturer shall, on paying the manufactured dividend, provide the recipient with a statement in writing setting out the matters specified in sub-paragraph (7) below.

(7) Those matters are—

(a) the amount of the manufactured dividend;

(b) the date of the payment of the manufactured dividend; and

(c) the amount of the tax credit to which, by virtue of sub-paragraph (3)(b) above [F24 or section 573(2) of ITA 2007], the recipient or a person claiming title through or under him either—

(i) is entitled in respect of the manufactured dividend, or

(ii) would be so entitled were all the conditions of a right to a tax credit satisfied, in the case of the recipient or that person, as respects the dividend which the recipient is deemed to receive.

(8) The duty imposed by sub-paragraph (6) above shall be enforceable at the suit or instance of the recipient.]

Textual Amendments

F12 Sch. 23A paras 2-2B and cross-headings substituted for Sch. 23A para. 2 and cross-heading (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 c. 16, Sch. 10 para. 10(1)

F13 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg. 2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs. 2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs. 2, 3(b), 4)

F14 Sch. 23A para. 2(2) substituted (with effect in accordance with s. 102(10) of the amending Act) by Finance Act 1998 (c. 36), s. 102(5)

F15 Word in Sch. 23A para. 2(2) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(a) (with Sch. 2)

F16 Sch. 23A para. 2(3)(a) repealed (with effect in accordance with s. 102(10) of the repealing Act) by Finance Act 1998 (c. 36), s. 102(6), Sch. 27 Pt. 3(24), Note

F17 Word in Sch. 23A para. 2(3)(b) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(b) (with Sch. 2)

F18 Sch. 23A para. 2(3)(c) and preceding word repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(c), Sch. 3 Pt. 1 (with Sch. 2)

F19 Sch. 23A para. 2(4)(5) repealed (with effect in accordance with s. 102(10) of the repealing Act) by Finance Act 1998 (c. 36), s. 102(8)(a), Sch. 27 Pt. 3(24), Note

F20 Words in Sch. 23A para. 2(6) repealed (with effect in accordance with Sch. 6 para. 17(5) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 17(3), Sch. 8 Pt. 2(11), Note

F21 Words in Sch. 23A para. 2(6)(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(d), Sch. 3 Pt. 1 (with Sch. 2)

F22 Sch. 23A para. 2(6)(b) and preceding word repealed (with effect in accordance with s. 102(10) of the repealing Act) by Finance Act 1998 (c. 36), s. 102(8)(a), Sch. 27 Pt. 3(24), Note

F23 Sch. 23A para. 2(6)(aa) and preceding word inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(e) (with Sch. 2)

F24 Words in Sch. 23A para. 2(7)(c) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(3)(f) (with Sch. 2)

Modifications etc. (not altering text)

C2 Sch. 23A para. 2 modified (19.7.2006) by Finance Act 2006 (c. 25), ss. 134, 139(1)(2), Sch. 17 para. 30 (as that affecting s. 139 is amended by Finance Act 2006 (c. 25), s. 1034(1), Sch. 1 para. 621, Sch. 3 Pt.1 (with Sch. 2) and S.I. 2009/2859, arts. 1, 3)

C3 Sch. 23A para. 2(2)(b) applied by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 69Z24C(3) (as inserted (1.1.2009 with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 27)

Deductibility of manufactured payment in the case of the manufacturer U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

2A F25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25 Sch. 23A paras. 2A-3A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(4), Sch. 3 Pt. 1 (with Sch. 2)

Manufactured dividends representative of foreign income dividends U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

2B F26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26 Sch. 23A para. 2B repealed (with effect in accordance with Sch. 6 para. 17(5) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 6 para. 17(4), Sch. 8 Pt. 2(11), Note

Manufactured interest on UK securities: general U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

3 F27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F27 Sch. 23A paras. 2A-3A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(4), Sch. 3 Pt. 1 (with Sch. 2)

Manufactured interest on gilt-edged securities etc. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

3A F28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F28 Sch. 23A paras. 2A-3A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(4), Sch. 3 Pt. 1 (with Sch. 2)

F29 Manufactured overseas dividends U.K.

Textual Amendments

F29 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F30 4 (1) This paragraph applies in any case where, under a contract or other arrangements for the transfer of overseas securities, one of the parties (the “overseas dividend manufacturer”) is required to pay to the other (“the recipient”) an amount representative of an overseas dividend on the overseas securities; and in this Schedule the “manufactured overseas dividend” means any payment which the overseas dividend manufacturer makes in discharge of that requirement.

[F31 (1A) Where a manufactured overseas dividend is paid as set out in sub-paragraph (1) above it shall be treated—

(a) as an expense of the trade where a company carries on a trade to which that payment relates;

(b) where a company has investment business to which the payment relates, for the purposes of [F32 Part 16 of CTA 2009] as expenses of management;

(c) in the case of a company carrying on life assurance business—

(i) so far as the payment is referable to basic life assurance and general annuity business, for the purposes of section 76 as if it were an expense payable falling to be brought into account at Step 3 of subsection (7) of that section, and

(ii) the payment is to be treated as referable to basic life assurance and general annuity business to the extent that the overseas dividend of which it is representative is or would, if it were received by the company, be so referable by virtue of section 432A.]

(2) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F34 (2A) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F35 (3A) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3B) F33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(4) Where a manufactured overseas dividend is paid after deduction of the amount required by [F36 section 922(2) of ITA 2007 (amount of income tax to be deducted at source)], or where the amount of tax required under [F37 section 923 of that Act (income tax to be accounted for and paid)] in respect of such a dividend has been accounted for and paid, then for all purposes of the [F38 Corporation Tax Acts]F39 . . . —

(a) the manufactured overseas dividend shall be treated in relation to the recipient, and all [F40 companies] claiming title through or under [F40 the recipient], as if it were an overseas dividend of an amount equal to the gross amount of the manufactured overseas dividend, but paid after the withholding therefrom, on account of overseas tax, of the amount deducted [F40 under section 922(2) of ITA 2007][F41 or (as the case may be) accounted for and paid under section 923 of that Act]; and

(b) the amount so deducted [F42 or so accounted for and paid] shall accordingly be treated in relation to the recipient, and all [F43 companies] claiming title through or under [F43 the recipient], as an amount so withheld instead of as an amount on account of income tax.

(5) For the purposes of this paragraph—

(a) F44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the gross amount of a manufactured overseas dividend is an amount equal to the gross amount of that overseas dividend of which the manufactured overseas dividend is representative, as mentioned in sub-paragraph (1) above; and

(c) the gross amount of an overseas dividend is an amount equal to the aggregate of—

(i) so much of the overseas dividend as remains after the deduction of the overseas tax (if any) chargeable on it;

(ii) the amount of the overseas tax (if any) so deducted; and

(iii) the amount of the overseas tax credit (if any) in respect of the overseas dividend.

(6) F45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F47 (7AA) F46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F48 (7A) F49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(8) F50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F51 (9) Without prejudice to [F52 Chapter 9 of Part 6 of CTA 2009] (manufactured interest), the references in this paragraph to all the purposes of the [F53 Corporation] Tax Acts do not include the purposes of [F52 Part 5] of that Act (loan relationships).]

Textual Amendments

F30 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F31 Sch. 23A para. 4(1A) inserted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 37(3)

F32 Words in Sch. 23A para. 4(1A)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(2)(a) (with Sch. 2 Pts. 1, 2)

F33 Sch. 23A para. 4(2)-(3B) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(a), Sch. 3 Pt. 1 (with Sch. 2)

F34 Sch. 23A para. 4(2A) inserted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 37(5)

F35 Sch. 23A para 4(3A)(3B) inserted (with effect in accordance with s. 159(9) of the amending Act) by Finance Act 1996 (c. 8), s. 159(5)

F36 Words in Sch. 23A para. 4(4) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(i) (with Sch. 2)

F37 Words in Sch. 23A para. 4(4) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(ii) (with Sch. 2)

F38 Words in Sch. 23A para. 4(4) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(iii) (with Sch. 2)

F39 Words in Sch. 23A para. 4(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(iv), Sch. 3 Pt. 1 (with Sch. 2)

F40 Words in Sch. 23A para. 4(4)(a) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(v) (with Sch. 2)

F41 Words in Sch. 23A para. 4(4)(a) inserted (3.1.2008 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 3) Order 2007 (S.I. 2007/3506), arts. 1(1), 2(3)(a)

F42 Words in Sch. 23A para. 4(4)(b) inserted (3.1.2008 with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 3) Order 2007 (S.I. 2007/3506), arts. 1(1), 2(3)(b)

F43 Words in Sch. 23A para. 4(4)(b) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(b)(vi) (with Sch. 2)

F44 Sch. 23A para. 4(5)(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(c), Sch. 3 Pt. 1 (with Sch. 2)

F45 Sch. 23A para. 4(6) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(d), Sch. 3 Pt. 1 (with Sch. 2)

F46 Sch. 23A para. 4(7)(7AA) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(e), Sch. 3 Pt. 1 (with Sch. 2)

F47 Sch. 23A para. 4(7AA) inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 159(6)

F48 Sch. 23A para. 4(7A) inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 124

F49 Sch. 23A para. 4(7A) repealed (29.4.1996) by Finance Act 1996 (c. 8), Sch. 41 Pt. 5(21), Note 2

F50 Sch. 23A para. 4(8) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. 2(17)

F51 Sch. 23A para. 4(9) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 52(4) (with Sch. 15)

F52 Words in Sch. 23A para. 4(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(2)(b) (with Sch. 2 Pts. 1, 2)

F53 Word in Sch. 23A para. 4(9) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(5)(f) (with Sch. 2)

Modifications etc. (not altering text)

C4 Sch. 23A paras. 3, 4 modified (with effect in accordance with s. 153(4) of the modifying Act) by Finance Act 2003 (c. 14), s. 153(2)(a)

C5 Sch. 23A para. 4(1) applied (1.10.1993) by S.I. 1993/2004, reg.2

Valid from 21/07/2009

4A (1) A reference in paragraph 4(4)(a) or (b) to the relevant amount in relation to an amount deducted under section 922(2) of ITA 2007 is—

(a) where the deduction is made in respect of a manufactured overseas dividend that is treated as paid under paragraph 13(1) of Schedule 13 to FA 2007 (sale and repurchase of securities), to amount A, and

(b) otherwise, to the amount deducted under section 922(2) of ITA 2007.

(2) Amount A is—

(a) in a case to which sub-paragraph (3) applies, the amount deducted under section 922(2) of ITA 2007,

(b) in a case to which sub-paragraph (4) applies—

(i) the amount deducted under section 922(2) of ITA 2007, less

(ii) the excess mentioned in that sub-paragraph, and

(c) in any other case, nil.

(3) This sub-paragraph applies to a case in which—

(a) an amount is actually paid by way of manufactured overseas dividend,

(b) the amount so paid equals the relevant net amount, and

(c) it is reasonable to assume that, in deciding the repurchase price of the securities, no account was taken of the fact that the amount would be so paid.

(4) This sub-paragraph applies to a case in which—

(a) an amount is actually paid by way of manufactured overseas dividend,

(b) the amount so paid exceeds the relevant net amount, and

(c) it is reasonable to assume that, in deciding the repurchase price of the securities, no account was taken of the fact that the amount would be so paid.

(5) In this paragraph “the repurchase price” of the securities means the price at which the payer of the manufactured overseas dividend is entitled or obliged to sell the securities, or similar securities, to the recipient of the manufactured overseas dividend.

(6) In this paragraph “the securities” means the securities in respect of which the overseas dividend of which the manufactured overseas dividend is representative is paid.

(7) In this paragraph “the relevant net amount” means—

(a) the gross amount of the overseas dividend of which the manufactured overseas dividend is representative, less

(b) the amount deducted under section 922(2) of ITA 2007.

F54 Dividends and interest passing through the market U.K.

Textual Amendments

F54 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs. 2, 3(b),4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F55 5 F56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F55 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F56 Sch. 23A para. 5 repealed (with effect in accordance with Sch. 10 para. 16, Sch. 18 Pt. 6(10) Note 3 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 12, Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F57 Unapproved manufactured payments U.K.

Textual Amendments

F57 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F58 6 F59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F58 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F59 Sch. 23A para. 6 repealed (with effect in accordance with Sch. 10 para. 7(2), Sch. 18 Pt. 6(10) Note 2 of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 4(a), Sch 18 Pt. 6(10); S.I. 1997/991, art. 2

F60 Irregular manufactured payments U.K.

Textual Amendments

F60 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F61 7 (1) F62 . . . In any case where (apart from this paragraph)—

(a) an amount paid by way of manufactured dividend would exceed the amount of the dividend of which it is representative, or

(b) the aggregate of—

(i) an amount paid by way of F63 . . . manufactured overseas dividend, and

(ii) the tax required to be accounted for in connection with the making of that payment,

would exceed the gross amount (as determined in accordance with paragraph F64 . . . 4 above) of the F65 . . . overseas dividend of which it is representative F66 . . . ,

the payment shall, to the extent of an amount equal to the excess, not be regarded for the purposes of this Schedule as made in discharge of the requirement referred to in paragraph 2(1)F67 . . . or 4(1) above, as the case may be, but shall instead to that extent be taken for all purposes of the [F68 Corporation Tax Acts] to constitute a separate fee for entering into the contract or other arrangements under which it was made, [F69 notwithstanding anything in [F70 paragraph 2] above or anything in paragraph 4 other than in sub-paragraph (1A).]

[F71 (1A) Sub-paragraph (1) above does not apply in the case of the amount of any F72 . . . manufactured overseas dividend which falls in accordance with [F73 section 540 of CTA 2009] to be treated for the purposes of [F73 Part 5] of that Act as interest under a loan relationship.]

(2) F74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) For the purpose of giving relief under any provision of the [F75 Corporation Tax Acts] in a case falling within paragraph F76 . . . 4(1) above where (apart from this paragraph) the aggregate referred to in sub-paragraph (1)(b) above would be less than the gross amount there mentioned—

(a) the gross amount of the F77 . . . manufactured overseas dividend shall be taken to be an amount equal to the aggregate referred to in sub-paragraph (1)(b) above, F78 . . .

(b) F79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

notwithstanding anything in paragraph [F80 F81 . . . 4] above.

(4) In this paragraph “relief” means relief by way of—

(a) deduction in computing profits or gains; or

(b) deduction F82 . . . against F82 . . . total profits.

Textual Amendments

F61 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F62 Words in Sch. 23A para. 7(1) repealed (with effect in accordance with Sch. 18 Pt. 6(10) Notes 3, 4(e) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F63 Words in Sch. 23A para. 7(1)(b)(i) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(i), Sch. 3 Pt. 1 (with Sch. 2)

F64 Words in Sch. 23A para. 7(1)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(ii), Sch. 3 Pt. 1 (with Sch. 2)

F65 Words in Sch. 23A para. 7(1)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(iii), Sch. 3 Pt. 1 (with Sch. 2)

F66 Words in Sch. 23A para. 7(1)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(iv), Sch. 3 Pt. 1 (with Sch. 2)

F67 Words in Sch. 23A para. 7(1) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(v), Sch. 3 Pt. 1 (with Sch. 2)

F68 Words in Sch. 23A para. 7(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(vi) (with Sch. 2)

F69 Words in Sch. 23A para. 7(1) substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 37(7)

F70 Words in Sch. 23A para. 7(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(a)(vii) (with Sch. 2)

F71 Sch. 23A para. 7(1A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 52(7) (with Sch. 15)

F72 Words in Sch. 23A para. 7(1A) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(b), Sch. 3 Pt. 1 (with Sch. 2)

F73 Words in Sch. 23A para. 7(1A) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(3) (with Sch. 2 Pts. 1, 2)

F74 Sch. 23A para. 7(2) repealed (with effect in accordance with Sch. 18 Pt. 6(10) Note 3(b) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F75 Words in Sch. 23A para. 7(3) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(c)(i) (with Sch. 2)

F76 Words in Sch. 23A para. 7(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(c)(ii), Sch. 3 Pt. 1 (with Sch. 2)

F77 Words in Sch. 23A para. 7(3)(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(c)(iii), Sch. 3 Pt. 1 (with Sch. 2)

F78 Words in Sch. 23A para. 7(3)(a) repealed (with effect in accordance with Sch. 10 para. 7(2), Sch. 18 Pt. 6(10) Note 2(c) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 4(b)(i), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F79 Sch. 23A para. 7(3)(b) repealed (with effect in accordance with Sch. 10 para. 7(2), Sch. 18 Pt. 6(10) Note 2(c) of the repealing Act) by Finance Act 1997 (c. 16), Sch. 10 para. 4(b)(ii), Sch. 18 Pt. 6(10); S.I. 1997/991, art. 2

F80 Words in Sch. 23A para. 7(3) substituted (with effect in accordance with Sch. 10 para. 7(2) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 4(b)(iii); S.I. 1997/991, art. 2

F81 Words in Sch. 23A para. 7(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(c)(iv), Sch. 3 Pt. 1 (with Sch. 2)

F82 Words in Sch. 23A para. 7(4)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(6)(d), Sch. 3 Pt. 1 (with Sch. 2)

Manufactured payments under arrangements having an unallowable purpose U.K.

7A (1) This paragraph applies in any case where—

(a) a manufactured payment falls to be made by a company in an accounting period in pursuance of any arrangements (see sub-paragraphs (9) and (10) for definitions), and

(b) the arrangements have an unallowable purpose at any time (see sub-paragraphs (3) to (5)).

But this is subject to sub-paragraph (8) below (cases where tax relief is denied apart from this paragraph).

(2) The company is not entitled, by virtue of anything in this Schedule or any provision of regulations under it, or otherwise, to any relevant tax relief (see sub-paragraph (10)), to the extent that the relief is in respect of, or referable to, the whole or any part of so much of the manufactured payment as, on a just and reasonable apportionment, is attributable to the unallowable purpose.

(3) Arrangements have an unallowable purpose at any time if at that time the purposes for which the company is a party to—

(a) the arrangements,

(b) any related transaction (see sub-paragraphs (6) and (7)), or

(c) any transaction in pursuance of the arrangements,

include a purpose (“the unallowable purpose”) which is not among the business or other commercial purposes of the company.

(4) The business and other commercial purposes of a company do not include the purposes of any part of its activities in respect of which it is not within the charge to corporation tax.

(5) Where one of the purposes for which a company is at any time a party to—

(a) any arrangements,

(b) any related transaction in the case of any arrangements, or

(c) any transaction in pursuance of any arrangements,

is a tax avoidance purpose, that purpose shall be taken to be a business or other commercial purpose of the company only where it is not the main purpose, or one of the main purposes, for which the company is party to the arrangements or transaction at that time.

(6) One or more transactions are to be regarded as related transactions, in the case of any arrangements, if it would be reasonable to assume, from either or both of—

(a) the likely effect of the transactions, and

(b) the circumstances in which the transactions are entered into or effected,

that none of the transactions would have been entered into or effected independently of the arrangements.

(7) Transactions are not prevented from being related transactions, in the case of any arrangements, just because the transactions—

(a) are not between the same parties, or

(b) are not between the parties to the arrangements.

(8) This paragraph does not apply if, as a result of any of the following provisions—

(a) [F83 section 1219(2)(b) of CTA 2009] (expenses of management of companies with investment business: unallowable purposes),

(b) section 76(4)(d) (expenses of insurance companies: unallowable purposes),

(c) [F84 section 441 of CTA 2009] (loan relationships with unallowable purposes),

the company in question is not entitled to a relevant tax relief in respect of, or referable to, the whole or any part of the manufactured payment.

[F85 The reference to section 76 is a reference to that section as it has effect] in relation to accounting periods beginning on or after 1st April 2004.

(9) Any reference in this paragraph to a manufactured payment falling to be made by a company includes a reference to a manufactured payment which is deemed by or under any provision of the Tax Acts to be made by a company (and references to a transaction, or to a company being party to a transaction, are to be construed accordingly).

(10) In this paragraph—

• “arrangements” includes schemes, arrangements and understandings of any kind, whether or not legally enforceable, and shall be taken to include any related transactions;

• “manufactured payment” means any of the following—

  (a)

  any manufactured dividend;

  (b)

  any manufactured interest;

  (c)

  any manufactured overseas dividend;

  (d)

  [F86 any payment which by virtue of paragraph 7(1) constitutes a fee;]

• “related transaction” shall be construed in accordance with sub-paragraphs (6) and (7) above;

• “relevant tax relief” means any of the following—

  (a)

  any deduction in computing profits or gains for the purposes of corporation tax;

  (b)

  any deduction against total profits;

  (c)

  the bringing into account of any debit for the purposes of [F87 Part 5 of CTA 2009] (loan relationships);

  (d)

  the surrender of an amount by way of group relief;

• [F88 “tax advantage” has the meaning given by section 840ZA;]

• “tax avoidance purpose” means any purpose that consists in securing a tax advantage (whether for the company in question or any other person);

• and sub-paragraphs (3) to (7) above have effect for the purposes of this paragraph.

Textual Amendments

F83 Words in Sch. 23A para. 7A(8)(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(4)(a)(i) (with Sch. 2 Pts. 1, 2)

F84 Words in Sch. 23A para. 7A(8)(c) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(4)(a)(ii) (with Sch. 2 Pts. 1, 2)

F85 Words in Sch. 23A para. 7A(8) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(4)(a)(iii) (with Sch. 2 Pts. 1, 2)

F86 Sch. 23A para. 7A(10): in definition of "manufactured payment", para. (d) inserted (with effect in accordance with Sch. 5 para. 9(2)-(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 9(1)

F87 Sch. 23A para. 7A(10): in definition of "relevant tax relief", words in para. (c) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 285(4)(b) (with Sch. 2 Pts. 1, 2)

F88 Sch. 23A para. 7A(10): definition of "tax advantage" substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(7) (with Sch. 2)

F89 Dividend manufacturing regulations: general U.K.

Textual Amendments

F89 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para.1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F90 8 (1) Dividend manufacturing regulations may make provision for—

(a) such manufactured dividends F91 . . . or manufactured overseas dividends as may be prescribed,

[F92 (aa) such persons who receive, or become entitled to receive, manufactured dividends F91 . . . or manufactured overseas dividends as may be prescribed,] or

(b) such dividend manufacturers F93 . . . or overseas dividend manufacturers as may be prescribed,

to be treated in prescribed circumstances otherwise than as mentioned in [F94 paragraphs [F95 2 and 4] above] for the purposes of such provisions of the [F96 Corporation] Tax Acts as may be prescribed.

[F97 (1A) Dividend manufacturing regulations may provide, in relation to prescribed cases where a person makes or receives the payment of any amount representative of an overseas dividend, or is treated for any purposes of this Schedule or such regulations as a person making or receiving such a payment—

(a) for any entitlement of that person to claim relief under Part XVIII to be extinguished or reduced to such extent as may be found under the regulations; and

(b) for the adjustment, by reference to any provision having effect under the law of a territory outside the United Kingdom, of any amount falling to be taken, for any prescribed purposes of the [F98 Corporation] Tax Acts F99 . . . , to be the amount paid or payable by or to any person in respect of any sale, repurchase or other transfer of the overseas securities to which the payment relates.]

(2) Dividend manufacturing regulations may make provision with respect to—

(a) the accounts and other records which are to be kept,

(b) the vouchers which are to be issued or produced,

(c) F100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) F100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F101 by persons by F102 . . . whom manufactured dividends F103 . . . are paid.]

[F104 (2A) F105 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(3) Dividend manufacturing regulations may—

(a) make provision for prescribed provisions of the Management Act to apply [F106 for corporation tax purposes] in relation to manufactured dividends, manufactured interest or manufactured overseas dividends with such modifications, specified in the regulations, as the Treasury think fit;

(b) F107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Dividend manufacturing regulations may make different provision for different cases.

Textual Amendments

F90 Sch. 23A inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 58, Sch. 13 para. 1 (with effect as mentioned in s. 58(3) in relation to payments made on or after such day as may be specified: 26.2.1992 specified for certain purposes by S.I. 1992/173, reg.2; 30.6.1992 specified for certain purposes by S.I. 1992/1346, regs.2, 3, 4; 21.4.1993 specified for certain purposes by S.I. 1993/933, regs.2, 3(b), 4)

F91 Words in Sch. 23A para. 8(1)(a)(aa) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(a)(i), Sch. 3 Pt. 1 (with Sch. 2)

F92 Sch. 23A para. 8(1)(aa) inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 159(7)(a)

F93 Words in Sch. 23A para. 8(1)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(a)(ii), Sch. 3 Pt. 1 (with Sch. 2)

F94 Words in Sch. 23A para. 8(1) substituted (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 13(1); S.I. 1997/991, art. 2

F95 Words in Sch. 23A para. 8(1) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(a)(iii) (with Sch. 2)

F96 Word in Sch. 23A para. 8(1) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(a)(iv) (with Sch. 2)

F97 Sch. 23A para. 8(1A) inserted (29.4.1996) by Finance Act 1996 (c. 8), s. 159(8)

F98 Word in Sch. 23A para. 8(1A)(b) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(b)(i) (with Sch. 2)

F99 Words in Sch. 23A para. 8(1A)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(b)(ii), Sch. 3 Pt. 1 (with Sch. 2)

F100 Sch. 23A para. 8(2)(c)(d) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(c)(i), Sch. 3 Pt. 1 (with Sch. 2)

F101 Words in Sch 23A para. 8(2) substituted (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 13(2); S.I. 1997/991, art. 2

F102 Words in Sch. 23A para. 8(2) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(c)(ii), Sch. 3 Pt. 1 (with Sch. 2)

F103 Words in Sch. 23A para. 8(2) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(c)(iii), Sch. 3 Pt. 1 (with Sch. 2)

F104 Sch. 23A para. 8(2A) inserted (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 13(3); S.I. 1997/991, art. 2

F105 Sch. 23A para. 8(2A) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(d), Sch. 3 Pt. 1 (with Sch. 2)

F106 Words in Sch. 23A para. 8(3)(a) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(e)(i) (with Sch. 2)

F107 Sch. 23A para. 8(3)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 238(8)(e)(ii), Sch. 3 Pt. 1 (with Sch. 2)