Income Tax Act 2007 section 891

Meaning of "UK public revenue dividend"

Section 891 defines the term "UK public revenue dividend" as used in this chapter, specifying what counts as income from government securities and what is excluded.

• A UK public revenue dividend is any income from securities paid out of the public revenue of the United Kingdom or Northern Ireland.
• Interest on local authority stock is specifically excluded from this definition.
• Northern Ireland is mentioned separately because amounts paid from UK public revenue to the Northern Ireland Exchequer Consolidated Fund are not treated as "public revenue of the United Kingdom."
• Securities issued under Northern Ireland's own exchequer provisions can still qualify as UK public revenue dividends, even though the funding originates from a distinct public revenue source.