SCHEDULES

SCHEDULE 2Transitionals and savings

Part 15Deduction of income tax at source

Deduction from certain UK public revenue dividends

165

1

This paragraph applies if—

a

any person holds any gilt-edged securities in relation to which a direction was given under section 50(1) of ICTA at any time before 6 April 1998, and

b

that person at any time before that date made an application under section 50(2) of that Act with respect to those securities.

2

The person is treated as having made a deduction at source application under section 895 in respect of the securities which (unless withdrawn) is treated as having effect from that date.