The Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008

Prescribed form of a declaration

14.—(1) A declaration made under any of sections 858 to 861 of ITA 2007 must be—

(a) in writing signed by an appropriate person, or

(b) if not in writing, recorded in writing by the relevant financial institution, on behalf of an appropriate person.

(2) If the relevant financial institution operates a record system under which the original declaration is not retained, the relevant financial institution must make a record of the declaration.

(3) Where paragraph (1)(b) or (2) applies—

(a) a copy of the record of the declaration must be sent by the relevant financial institution to the appropriate person within 30 days of that record being made;

(b) the appropriate person must notify the relevant financial institution of any corrections required within 30 days from the date the copy is sent; and

(c) the relevant financial institution must incorporate any such corrections in a revised record which must be sent to the appropriate person as soon as possible.

(4) The declaration has effect at the later of the date on which—

(a) it was given to the relevant financial institution,

(b) a copy of the record in paragraph (3)(a) was sent, or

(c) a revised copy of the record in paragraph (3)(c) was sent.

(5) A declaration shall be regarded as being in writing if it was made—

(a) by telephonic facsimile transmission, or

(b) by electronic communication containing an electronic signature of the appropriate person.

(6) A declaration or record of a declaration must be retained by a relevant financial institution in such manner as may be approved by the Commissioners for two years after the investment has been repaid or has become a relevant investment.