Income Tax Act 2007 (c. 3)

Part 15 Deduction of income tax at source

Chapter 3 Deduction from certain payments of yearly interest

Exceptions from duty to deduct

876 Interest paid by deposit-takers

(1) The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest in respect of which a deposit-taker has a duty to deduct under section 851.

(2) The duty to deduct a sum representing income tax under section 874 does not apply to a payment in respect of which a deposit-taker would have a duty to deduct under section 851 but for—

(a) regulations under section 852, or

(b) any of sections 858 to 861.