The Income Tax (Manufactured Overseas Dividends) (Amendment) Regulations 2003

Amendments to regulation 9A

10.—(1) Amend regulation 9A (offsetting of tax by overseas dividend manufacturers who are not United Kingdom intermediaries)(1) as follows.

(2) After paragraph (2) insert—

“(2A) This paragraph applies where an overseas dividend manufacturer who is not an approved United Kingdom intermediary receives in any chargeable period overseas dividends or manufactured overseas dividends and pays in that period manufactured overseas dividends to which regulation 5 applies that are representative of those overseas dividends or manufactured overseas dividends received.

(2B) Where paragraph (2A) applies—

(a) relief under section 811 of the Taxes Act shall be given to the overseas dividend manufacturer in respect of any tax referred to in regulation 9(1A) that is attributable to the overseas dividends or manufactured overseas dividends received by him; and

(b) no other relief under Part 18 of the Taxes Act may be claimed by him in respect of any such tax.”.

(1)

Regulation 9A was inserted by regulation 7 of S.I. 1997/988.