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Finance Act 2016
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PART 2Deduction of tax from yearly interest: exception for deposit-takers
2In section 876 of ITA 2007 (interest paid by deposit-takers), for subsections (1) and (2) substitute—
“(1)The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on an investment if—
(a)the payment is made by a deposit-taker, and
(b)when the payment is made, the investment is a relevant investment.
(1A)In this section “deposit-taker”, “investment” and “relevant investment” have the meaning given by Chapter 2.”
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