Section 385 Person liable

United Kingdom

(1)

The person liable for any tax charged under this Chapter is—

(a)

the person to whom the distribution is made or is treated as made (see Part 6 of ICTA and sections 386(3) F1, 389(3) and 396A ), or

(b)

the person receiving or entitled to the distribution.

(2)

Subsection (1) is subject to—

section 393(4) (later charge where cash dividends retained in SIPs are paid over), and
section 394(4) (distribution when dividend shares cease to be subject to SIP).

Annotations

F1: Words in s. 385(1)(a) substituted (with effect in accordance with s. 19(10) of the amending Act) by Finance Act 2015 (c. 11), s. 19(4)

F1: Words in Pt. 4 Ch. 3 heading substituted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 2
F2: Words in Pt. 4 Ch. 3 heading substituted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 3