Regulation 10 Amendments to the principal Regulations

After regulation 6 there shall be inserted the following regulations—

“Declaration by overseas dividend manufacturer

6A

(1)

Subject to paragraph (2), subsection (1) of section 118G shall not apply as regards a relevant receipt to which regulation 2N applies, unless the overseas dividend manufacturer referred to in that regulation has made a declaration to the collecting agent concerned relating to that receipt.

(2)

Paragraph (1) shall not apply where the manufactured overseas dividend referred to in regulation 2N is paid by the collecting agent on behalf of the overseas dividend manufacturer.

(3)

Subject to paragraphs (4) and (5), a declaration under paragraph (1) shall be regarded as relating to a relevant receipt if—

(a)

the chargeable date for the receipt falls—

(i)

in the month in which the declaration is made to the collecting agent, or

(ii)

where the declaration is made within the period of 14 days commencing with the first day of a month, in the preceding month; or

(b)

the receipt is received or arises after the end of the month in which the declaration is made.

(4)

A declaration under paragraph (1) shall not be regarded as relating to a relevant receipt if, prior to receipt of the declaration, the collecting agent to whom it is made has furnished a certificate under section 118E(4) with respect to that receipt.

(5)

A declaration under paragraph (1) shall not be regarded as relating to a relevant receipt if the collecting agent—

(a)

receives a notification relating to that receipt in accordance with the undertaking contained in the declaration,

(b)

receives a notice from the Board under regulation 10(2) relating to that receipt, or

(c)

has reason to believe, by reference to information in his possession, that the declaration is, or has become, incorrect as respects that receipt.

Declaration by overseas dividend manufacturer—additional provisions

6B

(1)

A declaration by an overseas dividend manufacturer under regulation 6A shall be in the form prescribed, or in a form authorised, by the Board, and shall contain the information specified in paragraph (2) and the undertaking specified in paragraph (3).

(2)

The information specified is—

(a)

the full name of the overseas dividend manufacturer;

(b)

the principal address of the overseas dividend manufacturer, that is to say—

(i)

where the overseas dividend manufacturer is an individual, or a trustee other than a corporate or a professional trustee, his principal residential address,

(ii)

where the overseas dividend manufacturer is a body corporate (including a corporate trustee), the address of its registered office or principal place of business,

(iii)

where the overseas dividend manufacturer is a professional trustee, the address of his employment or principal place of business;

(c)

the full name of the collecting agent to whom the declaration is made;

(d)

a statement that the circumstances specified in regulation 2N(2) are satisfied with respect to the relevant receipt in question;

(e)

details of the foreign holding to which the relevant receipt relates and, where the circumstances specified in regulation 2N(2) are satisfied with respect to a part of the relevant receipt, details of the part of the foreign holding to which the manufactured overseas dividend paid by the overseas dividend manufacturer relates;

(f)

a statement that the information contained in the declaration is correct to the best of the overseas dividend manufacturer’s knowledge and belief.

(3)

The undertaking specified is an undertaking that the overseas dividend manufacturer will notify the collecting agent to whom the declaration is made of any relevant receipts to which the declaration does not apply.

(4)

A declaration under paragraph (1) shall be signed—

(a)

where the overseas dividend manufacturer is an individual, by that individual,

(b)

where the overseas dividend manufacturer is a trustee of a qualifying discretionary or accumulation trust (other than a corporate trustee), by that trustee, stating the capacity in which he signs,

(c)

where the overseas dividend manufacturer is a body corporate (including a corporate trustee), by the secretary of that company or other officer of that company duly authorised for that purpose, stating the capacity in which he signs,

(d)

in any other case, by an officer of the organisation concerned duly authorised for that purpose, stating the capacity in which he signs.”