Part 15Deduction of income tax at source

Chapter 2Deduction by deposit-takers and building societies

Duty to deduct sums representing income tax

852Power to make regulations disapplying section 851

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.