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Income and Corporation Taxes Act 1988
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Income and Corporation Taxes Act 1988, Section 118J is up to date with all changes known to be in force on or before 23 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 29/04/1996
118J Prevention of double accounting.U.K.
(1)A relevant dividend the payment of which is a chargeable payment shall not be a chargeable receipt for the purpose of this Chapter.
(2)Subsection (1) above does not prevent the proceeds of sale or other realisation of a coupon from being a chargeable receipt.
(3)The Board may make regulations—
(a)for preventing more than one collecting agent from being liable to account for tax on the same dividend; or
(b)which provide that—
(i)where more than one person is a collecting agent in relation to a dividend, those persons may agree between themselves which one of their number shall be treated as the collecting agent in relation to that dividend; and
(ii)the person so identified shall for all the purposes of this Chapter be treated as the sole collecting agent in relation to that dividend.
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