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(2) Section twenty-six of the Customs and Inland Revenue Act, 1885, shall be read and construed as if the word “coupons” in subsection (b) of that section, and the expression “coupons for any dividends” in subsection (c) of that section, included “warrants for or bills of exchange purporting to be drawn or made in payment of any dividends.”
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(3) Upon payment of any [1]
interest of money or annuities charged with income tax under Schedule D., and not payable, or not wholly payable, out of profits or gains brought into charge to such tax, the person by or through whom such interest or annuities shall be paid shall deduct thereout the rate of income tax in force at the time of such payment, and shall forthwith render an account to the Commissioners of Inland Revenue of the amount so deducted, or of the amount deducted out of so much of the interest or annuities as is not paid out of profits or gains brought into charge, as the case may be; and such amount shall be a debt from such person to Her Majesty, and recoverable as such accordingly; and the provision contained in section eight of the Act of the thirteenth and fourteenth years of Her Majesty’s reign, chapter ninety-seven,[2]
now in force in relation to money in the hands of any person for legacy duty, shall apply to money deducted by any person in respect of income tax.
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[1 Extended to royalties, &c. paid in respect of user of patent by 7 Edw. 7. c. 13, s. 25 (2).]
[2 This Act is rep. 54 & 55 Vict. c. 38, s. 28. See now s. 2 of that Act.] |
