The Income Tax (Manufactured Overseas Dividends) Regulations 1993

Records to be kept in respect of certain manufactured overseas dividends paid without deduction of tax

14.—(1) An overseas dividend manufacturer or an approved United Kingdom collecting agent shall maintain a record in respect of any manufactured overseas dividend paid by him to which this regulation applies showing–

(a) the date of payment and the amount of the manufactured overseas dividend,

(b) the name of the person beneficially entitled to the payment, and the territory in which he was resident at the date of payment, and

(c) particulars of the overseas securities and the overseas dividend on those securities to which the manufactured overseas dividend relates.

(2) This regulation applies to any manufactured overseas dividend in respect of which arrangements have been entered into with the Board by an overseas dividend manufacturer or an approved United Kingdom collecting agent under the Double Taxation Relief Regulations enabling him to make the payment without deduction of tax.

(3) An overseas dividend manufacturer or an approved United Kingdom collecting agent shall retain for a period of six years–

(a) any record required to be maintained by him under paragraph (1), and

(b) any certificate under the Double Taxation Relief Regulations received by him,

and, whenever required to do so within that period, shall make any such record or certificate available for inspection by an officer of the Board.

(4) Where an overseas dividend manufacturer or an approved United Kingdom collecting agent fails to maintain, or to retain for the requisite period, any such record, or fails to retain any such certificate for the requisite period, the Board may require that person to carry out, at his own expense, an audit of manufactured overseas dividends paid by him in order to ascertain the amount of tax, if any, liable to be deducted under paragraph 4(2) of Schedule 23A which was not deducted.

(5) The scope and method of the audit referred to in paragraph (4) shall be agreed between the Board and the person concerned or, in the absence of agreement, shall be determined by the Board.