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(1)This section applies if—
(a)a deposit-taker or building society makes a payment of interest on an investment (see section 855(1)), and
(b)when the payment is made, the investment is a relevant investment (see section 856).
(2)The deposit-taker or building society must, on making the payment, deduct from it a sum representing income tax on it at the savings rate in force for the tax year in which it is made.
(3)For provision about the collection of income tax in respect of a payment from which a sum must be deducted under this section, see Chapter 15.
(1)The Commissioners for Her Majesty's Revenue and Customs may make regulations which provide that section 851 does not apply in relation to a payment of interest if prescribed conditions are met.
(2)The regulations may, in particular, include—
(a)provision for a certificate to be supplied to the effect that the person beneficially entitled to a payment is unlikely to be liable to pay any income tax for the tax year in which it is made,
(b)provision for the certificate to be supplied by that person or another prescribed person,
(c)provision about the time when, and the manner in which, a certificate is to be supplied, and
(d)provision about the form and contents of a certificate.
(3)Any provision included in the regulations under subsection (2)(d) may allow the Commissioners to make requirements about the form and contents of a certificate.
(4)In this section “prescribed” means prescribed in the regulations.