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Corporation Tax Act 2010, Cross Heading: Companies and nominees required to provide tax certificates is up to date with all changes known to be in force on or before 18 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies if a distribution consisting of any dividend or interest is made by a company which is—
(a)a company as defined in section 1(1) of the Companies Act 2006, or
(b)a company created by letters patent or by or in pursuance of an Act.
(2)If the company makes a payment of dividend or interest into a bank or building society account held by any person the company must, within a reasonable period, send a tax certificate (see section 1106) to either—
(a)the bank or building society, or
(b)the person holding the account.
(3)If the company makes a payment of dividend or interest to a person without paying it into a bank or building society account, the company must, within a reasonable period, send a tax certificate to that person.
Modifications etc. (not altering text)
C1S. 1104 applied (with modifications) (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 28(2)
(1)This section applies if—
(a)a tax certificate is received by a person under section 1104(2)(b) or (3), and
(b)the sum concerned (or part of it)—
(i)is paid to that person as nominee for another person, or
(ii)is paid into the account of that person as nominee for another person.
(2)If the nominee pays the sum (or the part concerned) into a bank or building society account held by the other person the nominee must, within a reasonable period, send a tax certificate to either—
(a)the bank or building society, or
(b)the other person.
(3)If the nominee pays the sum (or the part concerned) to the other person without paying it into a bank or building society account held by that person, the nominee must, within a reasonable period, send a tax certificate to that person.
(1)This section gives the meaning of “bank”, “send” and “tax certificate” in sections 1104 and 1105.
(2)“Bank” has the meaning given by section 1120.
(3)“Send” means send by post.
(4)“Tax certificate”, in relation to a payment of dividend or interest, means a written statement showing—
(a)the amount of the dividend or interest paid, [F1and]
(b)the date of the payment, F2...
F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Word in s. 1106(4) inserted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 42(2)(a)
F2S. 1106(4)(c) and word omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 42(2)(b)
F3S. 1106(5)(6) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 42(3)
(1)A person who fails to comply with section 1104(2) or (3) or section 1105(2) or (3) is liable to a penalty of £60 for each offence.
(2)But, in respect of offences connected with any one distribution of dividends or interest, the total amount of any penalties imposed on a person under subsection (1) must not exceed £600.
Modifications etc. (not altering text)
C2S. 1107 applied (with modifications) (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 28(2)
(1)The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that a person may comply with section 1104(2) or (3) or section 1105(2) or (3) either—
(a)by acting in accordance with the subsection concerned, or
(b)by acting in accordance with rules contained in the regulations.
(2)Regulations under subsection (1) may make different provision for different circumstances.
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