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), or
b
securities which are the subject of a Treasury direction under section 894(1) or (3).