The Income Tax (Deposit-takers) (Interest Payments)Regulations 1990

Gross Payments

4.—(1) The provisions of section 480A(1) shall not apply as regards a payment of interest by a deposit-taker if the conditions prescribed by regulations 5, 6 and 8 and, where applicable, regulation 9 are fulfilled, and accordingly where those conditions are fulfilled such payments shall be made without deduction of tax.

(2) Where paragraph (1) applies and subject to paragraph (3), a deposit-taker may, on receipt of the certificate referred to in regulation 5, refund to the depositor an amount corresponding to the tax deducted from payments of interest previously made in the year and shall, on a written application made to the Board, recover a like amount of tax paid in respect of those payments to the amount refunded to the depositor.

(3) Paragraph (2) shall not apply where in any year a statement relating to that year has been furnished by the deposit-taker to the depositor pursuant to section 352 of the Taxes Act(1) prior to receipt of the certificate referred to in regulation 5.

(1)

Section 352(1) was amended by paragraph 11 of Schedule 5 to the Finance Act 1990.