786Treatment of recipient: Real Estate Investment TrustsU.K.
This section has no associated Explanatory Notes
(1)If a person (“the payer”) pays a manufactured dividend, subsection (2) applies (instead of section 784(1)), so far as the manufactured dividend is representative of a dividend that falls within section 785(1)(a) or (b).
(2)The Corporation Tax Acts apply in relation to the recipient, and companies claiming title through or under the recipient, as if the manufactured dividend were a dividend to which section 548 applied (distributions: liability to tax).
(3)This section is subject to—
(a)section 796 (manufactured dividends: amounts exceeding underlying payments), and
(b)section 803 (power to deal with special cases).