Section 893 — Income Tax Act 2007: Payments of UK public revenue dividends which are payable gross

Payments of UK public revenue dividends which are payable gross 893 1 A payment of a UK public revenue dividend is payable gross if—

a it is a payment of interest on gross-paying government securities, and b no deduction at source application has effect in respect of the securities at the time the payment is made (see section 895).

2 In this Chapter “ gross-paying government securities ” means—

a gilt-edged securities (see section 1024), aa securities, so far as they are not gilt-edged securities, issued or treated as issued under—

i the National Loans Act 1939, or ii the National Loans Act 1968, or b securities which are the subject of a Treasury direction under section 894(3) .