http://www.legislation.gov.uk/ukpga/2005/5/section/406/2006-04-06
Income Tax (Trading and Other Income) Act 2005
An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.
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Statute Law Database
2024-05-30
2006-04-06
Part 4Savings and investment income
Chapter 4Dividends from non-UK resident companies
Shares in approved share incentive plans (“SIPs”)
406Later charge where cash dividends retained in SIPs are paid over
1
This section applies if a cash dividend is paid over to a participant under paragraph 68(4) of Schedule 2 to ITEPA 2003 (cash dividend paid over if not reinvested etc.).
2
Tax charged under this Chapter is charged for the tax year in which the cash dividend is paid over instead of the tax year in which in which it was originally paid.
3
Tax so charged is charged on the amount of the cash dividend paid over.
4
The person liable for any tax so charged is the participant.
5
For the purposes of this Chapter, the question whether a cash dividend so paid over is a dividend paid by a company that is non-UK resident is determined by reference to the tax year in which the dividend was originally paid.