33 FSCS payments representing interest
Finance Act 2009 (2009 c 10) | Legislation

33  FSCS payments representing interest

(1)     Chapter 2 of Part 4 of ITTOIA 2005 (interest) is amended as follows.

(2)     In section 369(2) (list of provisions extending what is treated as interest for certain purposes), after “bonds),” insert—

“section 380A (FSCS payments representing interest),”.

(3)     After section 380 insert—

“380A FSCS payments representing interest

(1)     Any payment representing interest which is made under the FSCS is treated as interest for the purposes of this Act.

(2)     “Payment representing interest” means a payment calculated in the same way as interest which would have been paid to the recipient but for the circumstances giving rise to the making of payments

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