SCHEDULES
SCHEDULE 2Transitionals and savings
Part 15Deduction of income tax at source
Deduction from certain UK public revenue dividends
165
1
This paragraph applies if—
a
any person holds any gilt-edged securities in relation to which a direction was given under section 50(1) of ICTA at any time before 6 April 1998, and
b
that person at any time before that date made an application under section 50(2) of that Act with respect to those securities.
2
The person is treated as having made a deduction at source application under section 895 in respect of the securities which (unless withdrawn) is treated as having effect from that date.
166
1
This paragraph applies in relation to any gilt-edged securities issued before 6 April 1998 which—
a
are securities the interest on which, if paid immediately before that date, would have fallen to be paid after deduction of income tax, and
b
are registered within the meaning of section 895 but are not securities in relation to which any direction under section 50 of ICTA was given before that date.
2
Chapter 5 of Part 15 has effect as if the appropriate person had made a deduction at source application under section 895 in respect of the securities so as to enable that application to have effect from (and including) that date.
3
In sub-paragraph (2) “the appropriate person” means—
a
in the case of securities transferred before 6 April 1998 but after the time when the balance was struck for a dividend on them falling due on or after that date, the person who held the securities at the time when the balance was struck,
b
in any other case, the person holding the securities in question immediately before 6 April 1998.