C1Part 15Deduction of income tax at source
Chapter 5Deduction from payments of UK public revenue dividends
Deduction at source applications
895Deduction at source application
1
The holder of registered gross-paying government securities may make a deduction at source application in respect of the securities.
2
A deduction at source application in respect of any securities is an application—
a
for payments of interest on those securities to be subject to the duty to deduct sums representing income tax under section 892,
b
made to the Registrar, and
c
made in such form as the Registrar may, with the approval of the Treasury, prescribe.
3
A deduction at source application in respect of any securities has effect from the date which is one month after the date on which it is made until—
a
the securities cease to be registered in the name of the person who made the application, or
b
the application ceases to have effect under section 896 following its withdrawal in accordance with that section.
4
If any registered gross-paying government securities are held on trust, the holders of the securities may make a deduction at source application in respect of them without the consent of any other person.
5
Subsection (4) applies despite anything in the instrument creating the trust.
6
In this Chapter—
“registered” means—
- a
entered in the register of the Registrar, or
- b
entered in a register maintained in accordance with regulations under F1section 785 of the Companies Act 2006 (provision enabling procedures for evidencing and transferring title), and
- a
“the Registrar” means the person or persons appointed in accordance with regulations under section 47(1)(b) of FA 1942 (see regulation 3 of the Government Stock Regulations 2004 (S.I. 2004/1611)).
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)