Section 921 Cases where interest on underlying securities paid gross

United Kingdom

(1)

This section applies to manufactured interest which is representative of interest on—

(a)

gilt-edged securities, or

(b)

securities which are not gilt-edged securities but on which the interest is payable without deduction of income tax.

(2)

Section 919(2) does not require any deduction of a sum representing income tax to be made on the payment of the manufactured interest.

(3)

In this section F1 “manufactured interest” has the same meaning as in section 919.

Annotations

F1: Words in s. 921(3) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 24

C1: Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

C1: Pt. 15 Ch. 9 modified (with effect in accordance with art. 2 of the commencing S.I.) by Finance Act 2007 (c. 11), s. 47(4), Sch. 13 para. 13; S.I. 2007/2483, art. 2