Part 15Deduction of income tax at source
Chapter 10Deduction from non-commercial payments by companies
928Chargeable payments connected with exempt distributions
1
This section applies to any payment chargeable to tax under section 214(1) of ICTA (chargeable payments made within 5 years of an exempt distribution).
2
The person by or through whom the payment is made must, on making the payment, deduct from it a sum representing income tax on it at the basic rate in force for the tax year in which it is made.
3
See Chapter 11 (payments between companies etc) for an exception from the duty to deduct sums representing income tax under this section.
4
For provision about the collection of income tax in respect of a payment from which a sum must be deducted under this section—
a
see Chapter 15 if the person making the payment is a UK resident company, and
b
otherwise see Chapter 16.
5
In this section “payment” does not include a transfer of money's worth that is treated as a payment for the purposes of section 214 of ICTA.