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Finance Act 1988
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Changes over time for: Section 76
Version Superseded: 29/04/1996
Alternative versions:
- 01/02/1991- Amendment
- 01/09/1994
Point in time - 29/04/1996- Amendment
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Point in time view as at 01/09/1994. This version of this provision has been superseded.
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76 Foreign dividends etc., quoted Eurobonds and recognised clearing systems.U.K.
(1)In section 17(1) of the Taxes Act 1988 (Schedule C) for paragraph 3 of Schedule C there shall be substituted—
Where a banker or any other person in the United Kingdom obtains payment of any overseas public revenue dividends by means of coupons received from any other person or otherwise on his behalf and either—
(a)the payment of those dividends was not entrusted to any person in the United Kingdom, or
(b)the securities in respect of which those dividends are paid are held in a recognised clearing system,
tax under this Schedule shall be charged in respect of those dividends.”
(2)In section 45 of that Act (definitions relating to Schedule C) for the definition of “overseas public revenue dividends” there shall be substituted—
““overseas public revenue dividends” means public revenue dividends payable out of any public revenue other than that of the United Kingdom;”
(3)In section 123 of that Act, in paragraph (a) of subsection (3) (Schedule D charge where collecting agents in UK obtain payment of foreign dividends elsewhere than in UK) for the words “elsewhere than in the United Kingdom” there shall be substituted the words “and either—
(i)the payment of those dividends was not entrusted to any person in the United Kingdom, or
(ii)the stocks, funds, shares or securities in respect of which those dividends are paid are held in a recognised clearing system”
(4)In section 124 of that Act (interest on quoted Eurobonds) in subsection (5) (which applies, with modifications, section 123(3) to (6)) the following paragraph shall be inserted immediately before paragraph (a)—
“(za)subsection (3)(a)(i) shall have effect in relation to quoted Eurobonds not held in a recognised clearing system as if the words “made by or” were inserted immediately before the words “entrusted to any person in the United Kingdom””
(5)In subsection (6) of that section (definitions)—
(a)in the definition of “recognised clearing system” after the words “system for clearing quoted Eurobonds” there shall be inserted the words “or relevant foreign securities”; and
(b)after that definition there shall be added—
““relevant foreign securities” means any of the following, that is to say—
(a)any such stocks, funds, shares or securities as give rise to foreign dividends, within the meaning of section 123; and
(b)any such securities as give rise to overseas public revenue dividends, within the meaning of Part III.”
(6)Subsections (1) to (4) above shall have effect with respect to payments obtained on behalf of another by a banker or other person after the passing of this Act.
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