Regulation 10 Amendments to the principal Regulations

For Part V of the principal Regulations there shall be substituted the following Part—

“PART V

MODIFICATION OF SCHEDULE 16

Interpretation of Part V

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In this part of these Regulations, “dividend manufacturer” has the meaning given by regulation 10.

Modification of Schedule 16

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(1)

In the case specified in paragraph (2), Schedule 16 shall apply with the modification prescribed by paragraph (3).

(2)

The case specified is any case where the dividend manufacturer is a company which is not resident in the United Kingdom but carries on a trade through a branch or agency in the United Kingdom.

(3)

The modification prescribed is that Schedule 16 shall apply as if the reference in paragraph 7 of that Schedule to “section 7(2)” were a reference to “section 11(3)”.”