878Interest paid by banksU.K.
This section has no associated Explanatory Notes
(1)The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a bank if that payment is made in the ordinary course of its business.
(2)Section 991 (meaning of “bank”) applies for the purposes of this section.
Modifications etc. (not altering text)
C1S. 878 modified (1.1.2010) by The Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 7(1)