Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 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)

Chapter 2 U.K. [F1 Meaning of “relevant investment” for purposes of section 876]

Textual Amendments

F1 Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4

Introduction U.K.

850 Overview of Chapter U.K.

[F2 (1) This Chapter has effect for the purposes of section 876 (duty under section 874 to deduct tax from payments of yearly interest: exception for deposit-takers).]

F3 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Sections 853 to 856 set out some basic concepts, so that—

(a) section 853 defines “deposit-taker” (and section 854 allows the Treasury by order to prescribe persons as deposit-takers),

(b) section 855 defines “investment” and “deposit”, and

(c) section 856 explains which investments are relevant investments.

(4) Section 856 is subject to—

(a) section 857 (which sets out when investments must be treated as relevant and when they may be treated as not relevant), and

(b) sections [F4 863] to 870 (which describe various kinds of investment which are not relevant investments).

(5) Sections [F5 872 and] 873 contain supplementary provisions.

(6) For the purposes of this [F6 Chapter, crediting] interest counts as paying it.

Textual Amendments

F2 S. 850(1) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 5(2)

F3 S. 850(2) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 5(3)

F4 Word in s. 850(4)(b) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 5(4)

F5 Words in s. 850(5) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 5(5)

F6 Words in s. 850(6) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 5(6)