in the case of tax charged under paragraph 1 of that Schedule, by the persons and bodies of persons respectively entrusted with payment;

in the case of tax charged under paragraph 2 of that Schedule, by the Bank of England;

in the case of tax charged under paragraph 3 or 4 of that Schedule, by the banker or other person, or by the banker or dealer in coupons, as the case may be.

the holder is resident and ordinarily resident in Northern Ireland when the certificates are repaid; or

the certificates were purchased by him and he was so resident and ordinarily resident when they were purchased.

the Treasury have power to issue for the purpose of raising any money or any loan with a condition that the interest thereon shall not be liable to income tax so long as it is shown that the securities are in the beneficial ownership of persons who are not ordinarily resident in the United Kingdom, and

have been issued with such a condition,

dividends payable in the United Kingdom on the securities of any state or territory outside the United Kingdom, or

any dividends or proceeds chargeable apart from this subsection under paragraph 3 or 4 of Schedule C,

securities are held under a trust, and

the person who is the beneficiary in possession is the sole beneficiary in possession and can, by means either of revocation of the trust or of the exercise of any powers under the trust, call upon the trustees at any time to transfer the securities to him absolutely free from any trust,

any securities issued under the War Loan Acts 1914 to 1919 or under section 60 of the M15Finance Act 1916;

any securities issued or deemed to be issued under the M16National Loans Act 1939 or issued under the M17National Loans Act 1968;

any government stock issued under section 1 of the M18Bank of England Act 1946, section 1 of the M19Cable and Wireless Act 1946, section 65(1) of the M20Town and Country Planning Act 1947 or section 62(1) of the M21Town and Country Planning (Scotland) Act 1947; and

any such stock as is mentioned in section 33(1) of the M22Coal Industry Nationalisation Act 1946 or section 26(1) of the M23Iron and Steel Act 1967;

the securities were securities in respect of which a direction had been given by the Treasury under subsection (1) of that section;

references in that section to “the Bank” were (notwithstanding subsection (7) of that section) references to the bank in the books of which the securities are registered or inscribed; and

the references in subsections (4) and (5) of that section to the Treasury were references to the Department of Finance and Personnel.

those securities shall be deemed to have been issued subject to the condition that the interest on them is paid without deduction of income tax; and

that interest shall be so paid accordingly, but shall be chargeable under Case III of Schedule D.

they are in the beneficial ownership of a company, local authority or local authority association or of any health service body (within the meaning of section 519A) and that company, authority, association or body is beneficially entitled to the interest on them;

they are in the beneficial ownership of a person who does not fall within paragraph (a) above but is of any such description as may be prescribed by regulations made by the Treasury and that person is beneficially entitled to the interest on those securities;

the circumstances in which they are held are such that any income from them is eligible for relief from tax by virtue of section 505(1)(c), or would be so eligible but for section 505(3);

the circumstances in which they are held are such that any income from them is eligible for relief from tax by virtue of section 592(2), 608(2)(a), 613(4), 614(2), (3) or (4), 620(6) or 643(2);

they are assets of any such trust fund as is referred to in section 83 of the M29Insurance Companies Act 1982 (premiums trust funds of members of Lloyd’s); or

the circumstances in which they are held are such that any income from them falls to be treated as the income of, or of the government of, a sovereign power or of an international organisation.

such conditions as may be imposed by or under any such regulations as may be made by the Treasury are satisfied in relation to those arrangements; and

a declaration with respect to the satisfaction of those conditions has been made in accordance with any such regulations by such person having an entitlement to or in respect of the securities as may be determined under the regulations.

conditions as to the accounts in which the securities are to be held under the arrangements and as to the accounts into which interest on the securities is to be paid;

conditions requiring persons holding the securities, or otherwise having functions under or in connection with the arrangements, to be persons of a description specified in the regulations or to be approved in accordance with the regulations;

conditions as to the provision about transfers of securities held under the arrangements that is to be contained in the arrangements.

impose requirements in relation to any such persons as are mentioned in subsection (4)(b) and (c) above with respect to the manner in which their functions under or in connection with the arrangements are exercised;

make provision for the publication of information showing the effect of any determinations in pursuance of regulations made by virtue of paragraph (c) above;

make provision for notices to be issued by the Board to such persons as may be described in the regulations where the Board are satisfied that this section has effect, or does not have effect, in relation to any gilt-edged securities;

contravenes, or fails to comply with, any requirement imposed on him by or under any regulations under this section, or

fraudulently or negligently makes or produces any incorrect declaration, information or document in pursuance of any such requirement,

are gilt-edged securities for the purposes of the 1992 Act; or

will be such securities on the making of any order under paragraph 1 of Schedule 9 to that Act the making of which is anticipated in the prospectus under which they were issued.

make different provision for different cases; and

contain such supplementary, incidental, consequential and transitional provision as appears to the Treasury to be appropriate.

amounts of any payments of such interest made to that person, and

amounts of tax for which, assuming the payments to bear tax at the basic rate for the relevant year of assessment, that person is to be accountable under the regulations in respect of those payments;

specify such periods as the Treasury may consider appropriate as the periods for which returns are to be made, and in respect of which any person is to account for tax, under the regulations;

make provision for enabling returns under the regulations to be combined with returns under Schedule 16 and for requiring particulars of claims and calculations made for the purposes of the regulations to be set out in the returns;

provide, in respect of any period for which a return is to be made by any person under the regulations, for that person to be obliged, before the end of the period, to make a payment on account of amounts that may become due from him in respect of that period;

impose a requirement for a special return to be made for the purposes of any obligation imposed by virtue of paragraph (c) above;

authorise amounts in respect of which there is an obligation to account for tax under the regulations to be treated for specified purposes of the Tax Acts as payments on which a person has borne income tax by deduction;

make provision for the assessment of amounts due under the regulations and for the repayment in specified circumstances of amounts paid under the regulations;

make provision for interest to be payable, at such rate as may be determined by or under the regulations, on amounts that have become due under the regulations but have not been paid;

make provision, where payments of interest on any relevant gilt-edged securities would be comprised in the income of a member of Lloyd’s, for obligations that may be imposed by regulations under this section on the person to whom the interest is paid to be imposed, instead, on such other person as may be described in the regulations.

include provision which for the purposes of the regulations makes any provision corresponding, with or without modifications, to any of the provisions of Schedule 16;

make provision modifying the operation of Schedule 19AB in relation to cases where payments of interest on relevant gilt-edged securities are made without deduction of tax to companies carrying on pension business;

include provision which requires obligations and liabilities under the regulations to be treated as obligations and liabilities to which provisions of Schedule 23 to the Finance Act 1995 (UK representatives) apply; and

include provision which, for any of the purposes of the regulations, applies provisions of sections 126 and 127 of, and Schedule 23 to, that Act in relation to times before those provisions otherwise come into force.

make different provision for different cases; and

contain such supplementary, incidental, consequential and transitional provision as appears to the Treasury to be appropriate;

in relation to a manufactured payment, means the year of assessment in which it is received by the person to whom it is paid; and

in relation to any other payment of interest, means the year of assessment in which the payment is made;

interest received without deduction of income tax in respect of government securities (“the original securities”) which have been exchanged for any other government securities (“substituted securities”), and

interest taxed by deduction in respect of such substituted securities,

during the period in which the interest on those securities was paid without deduction of income tax, those securities were original securities, and

during any later period, they were substituted securities.