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Finance Act 1996
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18(1)In subsection (1) of section 737 of that Act (deductions from manufactured payments), after “shall apply” there shall be inserted “(subject to subsection (1A) below)”, and for subsection (1A) of that section there shall be substituted the following subsection—
“(1A)The deduction of tax which is deemed to have been made under subsection (1) above shall be taken to have been made at the lower rate as if the deemed annual payment were income to which section 1A applied; and—
(a)the reference to the applicable rate in subsection (1) of section 350, so far as it has effect by virtue of subsection (1) above, and
(b)Schedule 16, so far as it so has effect,
shall be construed accordingly.”
(2)This paragraph has effect in relation to payments on or after 6th April 1996.
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