Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 5 U.K. Deduction from payments of UK public revenue dividends

Payments which are payable gross U.K.

893 Payments of UK public revenue dividends which are payable gross U.K.

(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),

[F1 (aa) securities, so far as they are not gilt-edged securities, issued or treated as issued under—

(i) the National Loans Act 1939, or

(ii) the National Loans Act 1968,] or

(b) securities which are the subject of a Treasury direction under section [F2 894(3)].

Textual Amendments

F1 S. 893(2)(aa) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 27(2)(a)

F2 Word in s. 893(2)(b) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 27(2)(b)