Part 17Manufactured payments and repos
Chapter 2Manufactured dividends
784Treatment of recipient of manufactured dividend
1
If a person pays a manufactured dividend to another person, the Corporation Tax Acts apply in relation to—
a
the recipient of the manufactured dividend, and
b
companies claiming title through or under the recipient,
as if the manufactured dividend were a dividend on the shares.
2
Subsection (1) is subject to—
a
section 786 (treatment of recipient: Real Estate Investment Trusts),
b
section 796 (manufactured dividends: amounts exceeding underlying payments), and
c
section 803 (power to deal with special cases).