Part 6Exempt income
Chapter 9Other income
Interest only income
756AF1Interest on certain deposits of victims of National-Socialist persecution
1
No liability to income tax arises in respect of interest which is paid—
a
to or in respect of a victim of National-Socialist persecution,
b
under a qualifying compensation scheme, and
c
for a qualifying purpose in respect of a qualifying deposit of the victim.
2
A scheme is a qualifying compensation scheme if—
a
it is constituted (whether under the law of any part of the United Kingdom or elsewhere) by an instrument in writing, and
b
the purpose of the scheme, or one of its purposes, is to make payments of interest to or in respect of victims of National-Socialist persecution for qualifying purposes in respect of qualifying deposits.
3
Interest is paid for a qualifying purpose in respect of a deposit if—
a
it is paid for meeting a liability in respect of interest on the deposit, or
b
it is paid for compensating for the effects of inflation on the deposit.
4
In relation to a victim of National-Socialist persecution, a deposit is a qualifying deposit if it was made—
a
by, or on behalf of, the victim, and
b
on or before 5th June 1945.
5
In this section “deposit” has the F2same meaning as in Chapter 19 of Part 15 of ITA 2007 (see section 983 of that Act)