Part 11Manufactured payments and repos
Chapter 4Deemed manufactured payments
Repos
C1603Deemed deductions of tax
1
This section applies if—
a
an amount is treated as paid under section 602(1)(b) (deemed manufactured payments), and
b
as a result, one of these sections applies—
i
section 918 (deduction of income tax at source: manufactured dividends on UK shares: Real Estate Investment Trusts),
ii
section 919 (deduction of income tax at source: manufactured interest on UK securities),
iii
section 922 (deduction of income tax at source: manufactured overseas dividends).
2
So far as the deemed payment is representative of a dividend on UK shares—
F1a
paid by a company UK REIT in respect of profits or gains (or both) of the company’s property rental business, or
b
paid by the principal company of a group UK REIT in respect of profits or gains (or both) of property rental business of members of the group,
any deduction which (as a result of section 918) is required to be made out of the gross amount of the payment is treated as made.
3
If the deemed payment is representative of a periodical payment of interest on UK securities, any deduction which (as a result of section 919) is required to be made out of the gross amount of the payment is treated as made.
4
If the deemed payment is representative of an overseas dividend on overseas securities, any deduction which (as a result of section 922) is required to be made out of the gross amount of the payment is treated as made.
F25
In subsection (2) “gains” includes chargeable gains.