Income Tax Act 2007 (c. 3)

Part 11 U.K. Manufactured payments and repos

Chapter 2 U.K. Manufactured payments

Manufactured overseas dividends U.K.

582 Powers about manufactured overseas dividends U.K.

(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 [F1 Part 2 of TIOPA 2010] (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.

Textual Amendments

F1 Words in s. 582(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 82 (with Sch. 9 paras. 1-9, 22)