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HMRC internal manual

Savings and Investment Manual

Dividends and other company distributions: sale of foreign dividend coupons

Sale of foreign dividend couponsChapter 13 of Part 4 of ITTOIA05 charges the proceeds of the sale of coupons and warrants attached to foreign securities and shares, where the sale is made through a UK bank or a UK dealer in coupons.

The charge to tax is in ITTOIA05/S570. Section 571 contains the relevant definitions. ‘Foreign holdings’ includes both securities of non-UK Government and local and public authorities as well as shares in a non-UK ‘body of persons’. Tax is charged on the full amount of the proceeds paid or carried to an account (ITTOIA05/S572). The person liable is the person receiving or entitled to receive the proceeds (ITTOIA05/S573).