Section 921 — Income Tax Act 2007: Cases where interest on underlying securities paid gross

Cases where interest on underlying securities paid gross 921 1 This section applies to manufactured interest which is representative of interest on—

a gilt-edged securities, or b securities which are not gilt-edged securities but on which the interest is payable without deduction of income tax.

2 Section 919(2) does not require any deduction of a sum representing income tax to be made on the payment of the manufactured interest.

3 In this section “ manufactured interest ” has the same meaning as in section 919.