(1)A participant is not liable to income tax in respect of an amount retained under paragraph 68(2) of Schedule 2 (amount of cash dividend not reinvested).
(2)The participant has no entitlement to a tax credit in respect of an amount so retained.
(3)This section does not affect any charge under—
(a)section 68B(1) or 251B(1) of ICTA (charge under Case V of Schedule D or Schedule F where cash dividend retained and then later paid out), or
(b)section 68B(2) or 251C(1) of ICTA (charge under Case V of Schedule D or Schedule F on dividend shares ceasing to be subject to plan),
or affect any tax credit in respect of an amount so charged.