Power to Make Special Provision for Special Cases

New clause 7 – in the House of Commons at 4:20 pm on 3rd April 1995.

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'.—(1) Immediately before section 738 of the Taxes Act 1988 there shall be inserted the following sections— Power to provide for manufactured payments to be eligible for relief

737D.—(1) The Treasury may by regulations provide for any manufactured payment made to any person to be treated, in such circumstances and to such extent as may be described in the regulations, as comprised in income of that person that is eligible for relief from tax by virtue of section 438, 592(2), 608(2)(a), 613(4), 614(2), (3) or (4), 620(6) or 643(2).

(2) In this section 'manufactured payment' means any manufactured dividend, manufactured interest or manufactured overseas dividend, within the meaning of Schedule 23A.