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ICTA88/S246D (1) & (2)

An individual who was beneficially entitled to an FID was treated as having received income, which, if reduced by lower rate tax, equalled the amount of the dividend. »Ê¹ÚÌåÓýapp income was treated as received on the date of the payment.

Where an individual was so entitled:

• no assessment was made in respect of lower rate tax on that income, but tax at the lower rate was treated as paid,
• no repayment was made of IT treated as having been paid,
• ICTA88/S207A applied to the income, so that the extended lower rate band for dividends applied,
• the income was treated for the purposes of ICTA88/S348 and ICTA88/S349 (1) as not brought into charge to IT.