64 Payments to or in respect of victims of National-Socialist persecution
Finance Act 2006 (2006 c 25) | Legislation

Holocaust victims

64  Payments to or in respect of victims of National-Socialist persecution

(1)     In section 369 of ITTOIA 2005 (charge to tax on interest), in subsection (3) (non-exhaustive list of exemptions), in paragraph (e) (exemptions under sections 749 to 756)—

(a)     for “756” substitute “756A”, and

(b)     for “and interest on certain foreign currency securities)” substitute “, certain foreign currency securities and interest on certain deposits of victims of National-Socialist persecution)”.

(2)     After section 756 of ITTOIA 2005 (which securities and loans are foreign currency ones for section 755) insert—

“756A Interest on certain deposits of victims of National-Socialist persecution

(1)     No liability to income tax arises in respect of interest which is paid—

(a)     to or in respect of a victim of National-Socialist persecution,

(b)     under a qualifying compensation scheme, and

(c)     for a qualifying purpose in respect of a qualifying deposit of the victim.

(2)     A scheme is a qualifying compensation scheme if—

(a)     it is constituted (whether under the law of any part of the United Kingdom or elsewhere) by an instrument in writing, and

(b)     the purpose of the scheme, or one of its purposes, is to make payments of interest to

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