Section 928 Chargeable payments connected with exempt distributions

United Kingdom

(1)

This section applies to any payment chargeable to tax under F1section 1086 of CTA 2010 (chargeable payments made within 5 years of an exempt distribution).

(2)

The person by or through whom the payment is made must, on making the payment, deduct from it a sum representing income tax on it at the basic rate in force for the tax year in which it is made.

(3)

See Chapter 11 (payments between companies etc) for an exception from the duty to deduct sums representing income tax under this section.

(4)

For provision about the collection of income tax in respect of a payment from which a sum must be deducted under this section—

(a)

see Chapter 15 if the person making the payment is a UK resident company, and

(b)

otherwise see Chapter 16.

(5)

In this section “payment” does not include a transfer of money's worth that is treated as a payment for the purposes of F2sections 1086 to 1090 of CTA 2010 (see section 1086(6) of that Act).

Annotations

Textual amendments

F1: Words in s. 928(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 556(2) (with Sch. 2)
F2: Words in s. 928(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 556(3) (with Sch. 2)

Notes on Part 15

Modifications

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)