Part 4Savings and investment income

Chapter 13Sales of foreign dividend coupons

570Charge to tax under Chapter 13

1

Income tax is charged on income treated under subsection (2) as arising from foreign holdings.

2

Income is treated as arising from such holdings in the following cases.

3

The first case is where a bank's office in the United Kingdom—

a

pays over the proceeds of a sale or other realisation of dividend coupons in respect of the holdings which has been effected by the bank, or

b

carries such proceeds into an account.

4

The second case is where a person who is not a bank or a dealer in coupons sells dividend coupons in respect of the holdings to a person dealing in coupons in the United Kingdom.

5

In this section “bank” has the meaning given by section 840A of ICTA.