Section 893 | Payments of UK public revenue dividends which are payable gross

(1)A payment of a UK public revenue dividend is payable gross if—

(a)it is a payment of interest on gross-paying government securities, and

(b)no deduction at source application has effect in respect of the securities at the time the payment is made (see section 895).

(2)In this Chapter “gross-paying government securities” means—

(a)gilt-edged securities (see section 1024),

(aa)securities, so far as they are not gilt-edged securities, issued or treated as issued under—

(i)the National Loans Act 1939, or

(ii)the National Loans Act 1968, or

(b)securities which are the subject of a Treasury direction under section 894(3).