Modifications etc. (not altering text)
C1 See also—Finance Act 1988 (c. 39), s. 127—production of computer records.
C2Pt. III applied (E.W.) (1.4.2000) by Education (Student Loans) (Repayment) Regulations 2000 (S.I. 2000/944), regs. 1(1), 19(1)
C3Pt. III applied (N.I.) (1.4.2000) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 1, 19(1)
(1)Any person by whom any interest is paid in the year 1969—70 or any subsequent year of assessment without deduction of income tax [F1or after deduction of income tax] F2... shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice—
(a)the name and address of the person to whom the interest has been paid or on whose behalf the interest has been received, and
(b)the amount of the interest [F3actually paid or received and (where the interest has been paid or received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted],
and any person who receives any such interest on behalf of another person shall on being so required furnish to the inspector the name and address of the person on whose behalf the interest has been received, and [F4the amount actually received and (where the interest has been received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted].
(2)The persons to whom [F5subsection (1) above] applies include any officer in any public office or in any department of the Crown.
(3)[F5Subsection (1) above] shall not impose any obligation on a bank [F6in respect of any interest paid by the bank in the ordinary course of its business].
[F7(3AA)In this section “bank” has the meaning given by section 840A of the principal Act.]
[F8(3A)A notice under this section shall not require information with respect to interest paid in a year of assessment ending more than three years before the date of the giving of the notice.]
[F9(3B)The Board may by regulations provide as mentioned in all or any of the following paragraphs—
(a)that a person required to furnish information under subsection (1) above shall furnish at the same time such further information as is prescribed if the notice concerned specifies the information and requires it to be so furnished;
(b)that if a person is required to furnish information under subsection (1) above or under any provision made under paragraph (a) above, and the notice concerned specifies the form in which the information is to be furnished, the person shall furnish the information in that form;
(c)that a notice under subsection (1) above shall not require prescribed information;
and in this subsection “prescribed” means prescribed by the regulations.
(3C)Regulations under subsection (3B) above—
(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,
(b)may make different provision in relation to different cases or descriptions of case, and
(c)may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.]
[F10(3D)For the purposes of this section, the payment by a building society of a dividend in respect of a share in the society shall be treated as the payment of interest.]
F11(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 18(1) inserted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(a) (8)
F2Income and Corporation Taxes Act 1988 Sch. 29 para. 7.Repealed by Finance Act 1988 Sch. 14 Part IVfor 1988=89and subsequent years.
F3Words in s. 18(1)(b) substituted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(b) (8)
F4Words in s. 18(1) substituted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(5)(c) (8)
F5Income and Corporation Taxes Act 1988 Sch. 29 para. 7(2).
F6Words in s. 18(3) substituted (with application in accordance with Sch. 37 para. 11(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 11(4)
F7S. 18(3AA) inserted (with application in accordance with Sch. 37 para. 11(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 11(1)(2)(b)
F8Finance Act 1988 (c. 39 SIF 63:1,2) s. 123(3)with respect to notices given on or after 29July 1988.
F9S. 18(3B)(3C) inserted (with effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment) by Finance Act 1990 (c. 29), s. 92(6) (8)
F10S. 18(3D) inserted (25.7.1991) by Finance Act 1991 (c. 31), s. 52(1), Sch. 11 para. 5(1)(2)
F11Income and Corporation Taxes Act 1988 (c. 1) Sch. 29 para. 7 Repealed by Finance Act 1988 (c. 39) Sch. 14 Part IVfor 1988-89and subsequent years.