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HMRC internal manual

Trusts, Settlements and Estates Manual

Capital items that are income for tax purposes: foreign dividend coupons

ITTOIA/S570

The proceeds from the sale of foreign dividend coupons are chargeable to income tax at the trust rate. Coupons include warrants (a document which certifies that the holder is entitled to shares as stated in it) and bills of exchange in payment for dividends payable on shares or securities issued outside the UK.