Income Tax Act 2007

[F1979AFSCS payments representing interestU.K.
This section has no associated Explanatory Notes

(1)This section applies where a payment is made under the FSCS representing interest net of an amount equal to a sum representing income tax that would have been deducted on the payment of interest but for the circumstances giving rise to the making of payments under the FSCS.

(2)A payment of the relevant gross amount is treated as having been made under the FSCS after there has been deducted from it a sum representing income tax of that amount.

(3)That sum is accordingly taken into account under section 59B of TMA 1970 in determining the income tax payable by, or repayable to, the recipient.

(4)The relevant gross amount” means the aggregate of the amount of the payment representing interest which is made and that sum.

(5)If the recipient requests it in writing, the scheme manager of the FSCS must provide the recipient with a statement showing—

(a)the relevant gross amount,

(b)the amount of the sum treated as deducted, and

(c)the amount of the payment representing interest.

(6)The duty to comply with a request under subsection (5) is enforceable by the recipient.

(7)In this section—

  • the FSCS” means the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000);

  • payment representing interest” has the same meaning as in section 380A of ITTOIA 2005.]

Textual Amendments

F1S. 979A inserted (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 2009 (c. 10), s. 33(4)