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Finance Act 2003

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Changes over time for: Cross Heading: Deemed manufactured payment where transferor or connected person makes payment representative of dividend

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Version Superseded: 19/07/2007

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Point in time view as at 06/04/2007.

Changes to legislation:

Finance Act 2003, Cross Heading: Deemed manufactured payment where transferor or connected person makes payment representative of dividend is up to date with all changes known to be in force on or before 27 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. Help about Changes to Legislation

Deemed manufactured payment where transferor or connected person makes payment representative of dividendU.K.

2(1)Section 737A of the Taxes Act 1988 (deemed manufactured payments) is amended as follows.U.K.

(2)In subsection (1), for “the conditions set out in subsection (2) below” substitute “ either the conditions set out in subsection (2) below or the conditions set out in subsection (2A) below ”.

(3)In subsection (2), for “conditions” substitute “ first set of conditions referred to in subsection (1) above ”.

(4)After that subsection insert—

(2A)The second set of conditions referred to in subsection (1) above are that—

(a)a dividend which becomes payable in respect of the securities is receivable otherwise than by the transferor,

(b)the transferor or a person connected with him is required under any agreement mentioned in subsection (1) above to make a payment representative of the dividend,

(c)there is no requirement under any such agreement for a person to pay to the transferor on or before the relevant date an amount representative of the dividend, and

(d)it is reasonable to assume that, in arriving at the repurchase price of the securities, account is taken of the circumstances referred to in paragraphs (a) to (c)..

(5)In subsection (3), for “subsection (2)” substitute “ subsections (2) and (2A) ”.

(6)In subsection (5)(a), after “(2)(a)” insert “ or (2A)(a) ”.

3U.K.In section 737C of the Taxes Act 1988 (deemed manufactured payments: further provisions), after “737A(2)(a)” (in each place) insert “ or (2A)(a) ”.

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