The Income Tax (Manufactured Overseas Dividends) Regulations 1993

Prospective

Interpretation U.K.

2.  In these Regulations unless the context otherwise requires–

“approved manufactured overseas dividend” means any manufactured overseas dividend which is not an unapproved manufactured payment;

“approved United Kingdom collecting agent” means a person who is resident in the United Kingdom or, if not so resident, is carrying on a trade in the United Kingdom through a branch or agency and who, as part of the Board’s approval of an arrangement under regulation 7(1)(c) or (2)(c), or regulation 8(1)(e), of the Income Tax (Stock Lending) Regulations 1989(1), is approved by the Board as authorised to collect and forward manufactured overseas dividends;

“approved United Kingdom intermediary” means an overseas dividend manufac– turer who is resident in the United Kingdom or, if not so resident, is carrying on a trade in the United Kingdom through a branch or agency and who is an approved intermediary within the meaning of regulation 7(3) of the Income Tax (Stock Lending) Regulations 1989;

“the Board” means the Commissioners of Inland Revenue;

“chargeable period” means–

(a)

as respects a company, its accounting period for the purposes of corporation tax;

(b)

as respects any other person, the period which–

(i)

where the person in question pays a manufactured overseas dividend in a period for which he draws up accounts and at a time prior to the end of a chargeable period, begins at the beginning of that period of account, or

(ii)

where the person in question pays a manufactured overseas dividend in a period for which he draws up accounts but after the end of a chargeable period which has ended during that period of account, begins immediately following the end of that chargeable period, or

(iii)

where the person in question pays a manufactured overseas dividend in a period for which he does not draw up accounts, begins on the date of the payment, and

(iv)

ends at the expiration of 12 months from the beginning of the period, or at the end of the period for which the person in question draws up accounts, or at the end of a period for which he does not draw up accounts, whichever first occurs;

“the Double Taxation Relief Regulations” means the Double Taxation Relief (Taxes on Income) (General) (Manufactured Overseas Dividends) Regulations 1993(2);

“gross amount of the manufactured overseas dividend” has the meaning given by paragraph 4(5)(b) of Schedule 23A;

“the Income Tax Acts” has the meaning given by section 831(1)(b) of the Taxes Act;

“the Management Act” means the Taxes Management Act 1970(3);

“manufactured overseas dividend” shall be construed in accordance with paragraph 4(1) of Schedule 23A;

“overseas dividend”, “overseas dividend manufacturer”, “overseas securities”, “overseas tax” and “overseas tax credit” have the meanings given by paragraph 1(1) of Schedule 23A;

“relevant withholding tax” has the meaning given by paragraph 4(5)(a) of Schedule 23A;

“Schedule 23A” means Schedule 23A to the Taxes Act;

“the Taxes Act” means the Income and Corporation Taxes Act 1988;

“the Tax Acts” has the meaning given by section 831(2) of the Taxes Act;

“unapproved manufactured payment” has the meaning given by paragraph 1(1) of Schedule 23A in so far as that meaning relates to a manufactured overseas dividend;

“United Kingdom recipient” has the meaning given by paragraph 4(3) of Schedule 23A.

Commencement Information

I1 Reg. 2 in force at 1.10.1993, see reg. 1

(1)

S.I. 1989/1299; relevant amending instruments are S.I. 1990/2552 and 1993/2003.

(2)

S.I. 1993/1957.

(3)

1970 c. 9.