C1Part 15Deduction of income tax at source
Annotations:
Modifications etc. (not altering text)
Chapter 3Deduction from certain payments of yearly interest
Exceptions from duty to deduct
C2885Authorised persons dealing in financial instruments
1
The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a person authorised for the purposes of FISMA 2000 if—
a
the person's business consists wholly or mainly of dealing in financial instruments as principal, and
b
the payment is made by that person in the ordinary course of that business.
2
For the meaning of “financial instrument”, see section 984.
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)