Related Commentary  

974(1)  The charge to corporation tax on income applies to income treated under subsection (2) as arising from foreign holdings.

974(2)  Income is treated as arising from such holdings in the following cases.

974(3)  The first case is where a bank's office in the United Kingdom–

(a)pays over the proceeds of a sale or other realisation of taxable dividend coupons in respect of the holdings which has been effected by the bank, or

(b)carries such proceeds into an account.

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