Part 15

Deduction of income tax at source
Chapter 5

Deduction from payments of UK public revenue dividends

Payments which are payable gross

Payments of UK public revenue dividends which are payable gross
893
1
A payment of a UK public revenue dividend is payable gross if—
a
it is a payment of interest on gross-paying government securities, and
b
no deduction at source application has effect in respect of the securities at the time the payment is made (see section 895).
2
In this Chapter “gross-paying government securities” means—
a
gilt-edged securities (see section 1024),
aa
securities, so far as they are not gilt-edged securities, issued or treated as issued under—
i
the National Loans Act 1939, or
ii
the National Loans Act 1968, or
b
securities which are the subject of a Treasury direction under section 894(3).
S. 893(2)(aa) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 27(2)(a)
Word in s. 893(2)(b) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 27(2)(b)
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)