Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Chapter 9 U.K. Manufactured payments

Modifications etc. (not altering text)

C1 Pt. 15 Ch. 9 modified (with effect in accordance with art. 2 of the commencing S.I.) by Finance Act 2007 (c. 11), s. 47(4), Sch. 13 para. 13; S.I. 2007/2483, art. 2

Manufactured interest U.K.

921 Cases where interest on underlying securities paid gross U.K.

(1) This section applies to manufactured interest which is representative of interest on—

(a) gilt-edged securities, or

(b) securities which are not gilt-edged securities but on which the interest is payable without deduction of income tax.

(2) Section 919(2) does not require any deduction of a sum representing income tax to be made on the payment of the manufactured interest.

(3) In this section “securities” includes loan stock or any similar security.