C2Part 15Deduction of income tax at source
Annotations:
Modifications etc. (not altering text)
Chapter 2Deduction by deposit-takers and building societies
Duty to deduct sums representing income tax
C1851Duty to deduct sums representing income tax
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 F1basic 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.
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)