SCHEDULES
SCHEDULE 6Deduction of income tax at source
PART 4Deduction of tax from UK public revenue dividends
26
In section 877 of ITA 2007 (duty to deduct under section 874: exception relating to UK public revenue dividends)—
a
for “in respect of” substitute “
that is
”
, and
b
after “dividend” insert “
(as defined by section 891)
”
.
27
1
Chapter 5 of Part 15 of ITA 2007 (deduction from payments of UK public revenue dividends) is amended as follows.
2
In section 893(2) (securities which are gross-paying government securities)—
a
before the “or” at the end of paragraph (a) insert—
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,
b
in paragraph (b), for “894(1) or (3)” substitute “
894(3)
”
.
3
In section 894 (power to direct that securities are gross-paying government securities)—
a
omit subsections (1) and (2) (power in relation to securities within the new section 893(2)(aa)), and
b
in subsection (5) omit “(1) or”.