Income and Corporation Taxes Act 1988

General

44 Income tax: mode of charge

(1) Income tax under Schedule C shall be charged by the Board, and shall be paid on behalf of the persons entitled to the profits, dividends or proceeds which are the subject of the tax—

(a) in the case of tax charged under paragraph 1 of that Schedule, by the persons and bodies of persons respectively entrusted with payment;

(b) in the case of tax charged under paragraph 2 of that Schedule, by the Bank of England;

(c) in the case of tax charged under paragraph 3 or 4 of that Schedule, by the banker or other person, or by the banker or dealer in coupons, as the case may be.

(2) Schedule 3 shall have effect in relation to the assessment, charge and payment of income tax under Schedule C.

45 Interpretation of Part III

In this Part—

• “banker” includes a person acting as a banker;

• “coupons” and “coupons for any overseas public revenue dividends” include warrants for and bills of exchange purporting to be drawn or made in payment of any overseas public revenue dividends;

• “dividends” means any interest, public annuities, dividends or shares of annuities;

• “overseas public revenue dividends” means public revenue dividends payable elsewhere than in the United Kingdom (whether they are also payable in the United Kingdom or not) out of any public revenue other than public revenue of the United Kingdom;

• “public revenue”, except where the context otherwise requires, includes the public revenue of any government whatsoever, and the revenue of any public authority or institution in any country outside the United Kingdom; and

• “public revenue dividends” means dividends payable out of any public revenue.