(1)The Treasury may by regulations make provision as mentioned in subsections (2) and (3) about prescribed cases where a person—
(a)pays or receives a manufactured overseas dividend as mentioned in section 581(1), or
(b)is treated as doing so for any purposes of this Chapter or regulations made under it.
(2)The regulations may provide for removing or reducing any right of the person to claim relief under Part 18 of ICTA (double taxation relief).
(3)The regulations may provide for adjusting a relevant amount by reference to a provision which has effect under the law of a territory outside the United Kingdom.
(4)A “relevant amount” is an amount which is treated for prescribed income tax purposes as the amount paid or payable to a person in respect of a relevant transaction.
(5)A “relevant transaction” is a sale, repurchase or other transfer of the overseas securities to which the manufactured overseas dividend relates.