Part 15Deduction of income tax at source
Chapter 9Manufactured payments
Manufactured interest
921Cases where interest on underlying securities paid gross
(1)
This section applies to manufactured interest which is representative of interest on—
(a)
gilt-edged securities, or
(b)
securities which are not gilt-edged securities but on which the interest is payable without deduction of income tax.
(2)
Section 919(2) does not require any deduction of a sum representing income tax to be made on the payment of the manufactured interest.
(3)
In this section F1 “manufactured interest” has the same meaning as in section 919.