893Payments of UK public revenue dividends which are payable grossU.K.
This section has no associated Explanatory Notes
(1)A payment of a UK public revenue dividend is payable gross if—
(a)it is a payment of interest on gross-paying government securities, and
(b)no deduction at source application has effect in respect of the securities at the time the payment is made (see section 895).
(2)In this Chapter “gross-paying government securities” means—
(a)gilt-edged securities (see section 1024), or
(b)securities which are the subject of a Treasury direction under section 894(1) or (3).