SCHEDULES
SCHEDULE 2Transitionals and savings
Part 15Deduction of income tax at source
Deduction by deposit-takers: qualifying time deposits
158
1
This paragraph applies to a deposit with a deposit-taker which—
a
was made before 6 July 1984, and
b
meets the condition in sub-paragraph (2).
2
The condition is that the deposit is made on terms which—
a
do not make provision for the transfer of the right to repayment,
b
prevent partial withdrawals of, or additions to, the deposit, and
c
require the deposit-taker—
i
to repay the sum at the end of a specified period ending after 5 April 1985, or
ii
if interest is payable only when the deposit is repaid, to repay the sum on demand or on notice.
3
The deposit is to be treated as a qualifying time deposit for the purposes of section 866.