Paragraph 91

United Kingdom

(1)

An amount retained under paragraph 58(1) (amount of cash dividend not reinvested) shall not be treated as income of the participant for any tax purposes.

(2)

The participant has no entitlement to a tax credit in respect of any such amount.

(3)

This paragraph does not affect any charge—

(a)

under paragraph 92 (treatment of cash dividend retained and then later paid out), or

(b)

paragraph 93 (charge on dividend shares ceasing to be subject to plan),

or any tax credit in respect of an amount so charged.

Notes on Schedule 8

Textual amendments

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)