Part 10Miscellaneous income
Chapter 6Sale of foreign dividend coupons
974Charge to tax under this Chapter
1
The charge to corporation tax on income applies to 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 proceeds of sale arise from a sale of dividend coupons in respect of the holdings by a person who is not a bank or a dealer to a person dealing in coupons in the United Kingdom.
5
The amount of the income that is treated as arising is equal to the proceeds of the sale or realisation.
6
In this section “bank” has the meaning given by section 840A of ICTA.