Income Tax Act 2007 section 577

Statements about manufactured dividends

Section 577 requires payers of manufactured dividends who are within the charge to income tax to provide recipients with a statement containing tax-relevant information.

• When a person within the charge to income tax pays a manufactured dividend, they must provide the recipient with a written statement setting out information relevant for tax purposes.
• This obligation applies based on the tax status of the payer, not the recipient — it only applies where the payer is subject to income tax rather than corporation tax.
• The requirement does not apply to manufactured payments of interest in dividends (MPIDs), which are covered by separate regulations.
• Where the payer is within the charge to corporation tax instead, corresponding obligations exist under separate corporation tax provisions.