89(1)The amount applied by the trustees in acquiring dividend shares on behalf of a participant is not treated as income of the participant for any tax purposes.
(2)The participant has no entitlement to a tax credit in respect of the amounts of dividends so applied.
(3)Sub-paragraphs (1) and (2) do not affect—
(a)any charge under paragraph 93(1) (charge on dividend shares ceasing to be subject to plan), or
(b)any entitlement to a tax credit in respect of the amount so charged.
(4)Section 234A(4) of the Taxes Act 1988 (information relating to distributions to be provided by nominee) shall not apply in relation to any amount applied by the trustees in acquiring dividend shares on behalf of a participant.
This is subject to paragraph 93(4).