Income and Corporation Taxes Act 1988

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 “foreign income dividend” shall be construed in accordance with Chapter VA of Part VI;]

• “interest manufacturer” has the meaning given by paragraph 3(1) below;

• “manufactured dividend”, “manufactured interest” and “manufactured overseas dividend” shall be construed respectively in accordance with paragraphs 2, 3 and 4 below, as shall references to the gross amount thereof;

• 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; and

(b) quoted [F4 Eurobonds (as defined by section 124) held in a recognised clearing system] ;

• “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;

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

• 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 quoted [F4 Eurobonds (as defined by section 124) held in a recognised clearing system], or United Kingdom equities.

(2) F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 Words in Sch. 23A para. 1(1) inserted (with effect in accordance with Sch. 10 para. 16 of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para 9 (with Sch. 10 para. 16(3)(b))

F4 Words in Sch. 23A para. 1(1) substituted (with effect in accordance with Sch. 7 para. 32 of the amending Act) by Finance Act 1996 (c. 8), Sch. 7 para. 28(1)(a)(b) (with Sch. 7 para. 33-35)

F5 Words in Sch. 23A para. 1(1) 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)

F6 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