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.