Income and Corporation Taxes Act 1988

Interpretation U.K.

F1 1 (1) In this Schedule—

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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

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

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

• “manufactured dividend” F5 . . . and “manufactured overseas dividend” shall be construed respectively in accordance with paragraphs 2 F5 . . . and 4 below, as shall references to the gross amount thereof;

• [F6 “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;]

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “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;F7 . . .

  (b)

  F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “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;

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

• “transfer” includes any sale or other disposal;

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “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 F8 . . . United Kingdom equities.

(2) F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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)

F2 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

F3 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

F4 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)

F5 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)

F6 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)

F7 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)

F8 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)

F9 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