154(1)A deposit with a deposit-taker which meets the settlement condition in section 856(6) is not a relevant investment for the purposes of Chapter 2 of Part 15 if conditions A and B are met in relation to the deposit.U.K.
(2)Condition A is that the deposit was made before 6 April 1995.
(3)Condition B is that neither an officer of Revenue and Customs nor any trustee of the settlement has notified the deposit-taker that the deposit meets the settlement condition in section 856(6).
155(1)A notification under paragraph 154(3) given by a trustee must be in the form provided by the Commissioners for Her Majesty's Revenue and Customs.U.K.
(2)A deposit-taker is entitled not to deduct a sum representing income tax under section 851 from a payment of interest on a deposit covered by a notification under paragraph 154(3) if sub-paragraph (3) applies to the payment.
(3)This sub-paragraph applies to a payment if—
(a)it is made within 30 days after the date when the deposit-taker receives the notification, and
(b)at the time it is made, it is not reasonably practicable for the deposit-taker to deduct a sum representing income tax from the payment.
(4)If an officer of Revenue and Customs is satisfied that a deposit covered by a notification under paragraph 154(3) does not meet the settlement condition in section 856(6), the officer must—
(a)cancel the notification, and
(b)give notice of the cancellation to the deposit-taker concerned.
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)For the purposes of this paragraph crediting interest counts as paying it.
Textual Amendments
F1Sch. 2 para. 155(5) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 52