SCHEDULES
SCHEDULE 37 Banks
Part III Other amendments
Amendments of the Management Act
11
1
The following subsection—
0
In this section “bank” has the meaning given by section 840A of the principal Act.
shall be inserted in the M1Taxes Management Act 1970 in accordance with sub-paragraph (2) below.
2
The subsection shall be inserted—
a
in section 17 (returns from banks etc.), after subsection (1), as subsection (1A);
b
in section 18 (obligation to supply certain information not to apply to banks), after subsection (3), as subsection (3AA);
c
in section 24 (obligation to disclose certain particulars not to apply to banks), after subsection (3), as subsection (3A).
3
In section 17(1) of that Act, for “person carrying on the trade or business of banking” there shall be substituted “
such person who is a bank
”
.
4
In section 18(3) of that Act for the words from “carrying on” to the end there shall be substituted “
in respect of any interest paid by the bank in the ordinary course of its business
”
.
5
This paragraph applies as follows—
a
the amendments of section 17 apply in relation to interest paid on or after the day on which this Act is passed; and
b
the amendments of sections 18 and 24 apply in relation to requirements imposed on or after the day on which this Act is passed.