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.