This is the original version (as it was originally enacted).
(1)The provisions of this Part relating to the deduction from payments of sums representing income tax are not affected by the fact that the recipient is a company not chargeable to income tax on the payment.
(2)References in subsection (1) to payments received by a company—
(a)include payments received by another person on behalf of or in trust for the company, but
(b)do not include payments received by the company on behalf of or in trust for another person.
(3)For further provision about payments received by companies, see—
(a)sections 7(2) and 11(3) of ICTA (set-off of income tax deducted at source against liability to corporation tax), and
(b)section 952 (set-off of income tax suffered against income tax payable under Chapter 15).
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