Part 15

Deduction of income tax at source
Chapter 9

Manufactured payments

Manufactured interest

Cases where interest on underlying securities paid gross
921
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 “securities” includes loan stock or any similar security.