AI Summary of Schedule 2, Part 4 Public revenue dividends, dividends to which Chapter 2 of Part 4 applies, proceeds of coupons and price paid on purchase of coupons (paras. 14-22)
Schedule 2, Part 4 Public revenue dividends, dividends to which Chapter 2 of Part 4 applies, proceeds of coupons and price paid on purchase of coupons (paras. 14-22)
Sections 33, 61 and 62.
(1) Subject to Chapter 2 of Part 3 and subparagraph (3), every chargeable person shall, on making a payment of specified dividend income, deduct and retain a sum representing income tax at a rate of 25 per cent on that income and pay that income tax on behalf of the person entitled to that income.
(2) The payment of the income tax by the chargeable person shall be deemed to be a payment of the income tax by the persons entitled to the specified dividend income and shall be allowed by those persons on the receipt of the residue of the dividends.
(3) Subparagraph (1) shall not apply to a payment of specified dividend income to a company where that company -
(a) is beneficially entitled to that income, and
(b) is or will be within the charge to corporation tax in respect of that income.