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Section 102: Manufactured dividends.

Finance Act 1998 · 1998 c. 36View on legislation.gov.uk

Part III: Income Tax, Corporation Tax and Capital Gains Tax — Chapter I: Income Tax and Corporation Tax

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In section 737D of the Taxes Act 1988 (power by regulations to provide for manufactured payments to be eligible for relief) in subsection (2) (which defines manufactured payment as any manufactured dividend etc) the words "manufactured dividend" shall cease to have effect.

Schedule 23A to the Taxes Act 1988 (manufactured dividends and interest) shall be amended in accordance with subsections (5) to (8) below.

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In paragraph 2(3) (manufactured dividends to which paragraph 2(2) does not apply) paragraph (a) (duty to account for notional ACT) shall cease to have effect.

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In consequence of subsection (6) above, the following provisions shall also cease to have effect—

in paragraph 2, sub-paragraphs (4) and (5) and, in sub-paragraph (6), paragraph (b) and the word "and" immediately preceding it; and
in paragraph 2A (deductibility of manufactured payment in the case of the manufacturer) in sub-paragraph (1), the words "together with an amount equal to the notional ACT" and sub-paragraph (3).

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Subsections (2) to (8) above have effect in relation to manufactured dividends paid (or treated for the purposes of Schedule 23A to the Taxes Act 1988 as paid) on or after 6th April 1999.

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Reuse reviewed 21 August 2026 under Open Government Licence v3.0.