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.