SCHEDULES

SCHEDULE 6Deduction of income tax at source

PART 4Deduction of tax from UK public revenue dividends

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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”.