SCHEDULES
SCHEDULE 2Transitionals and savings
Part 15Deduction of income tax at source
Deduction by deposit-takers: qualifying certificates of deposit
157
(1)
This paragraph applies to a certificate of deposit which was issued by a deposit-taker before 13 March 1984 on terms which provide for interest to be payable on the deposit at any time after 5 April 1985 (whether or not interest is payable on it before that date).
(2)
The certificate of deposit is to be treated as a qualifying certificate of deposit for the purposes of section 865.