23 Exceptions from duty to deduct tax: qualifying private placements
Finance Act 2015 (2015 c 11) | Legislation

23  Exceptions from duty to deduct tax: qualifying private placements

(1)     In Chapter 3 of Part 15 of ITA 2007 (deduction of tax from certain payments of yearly interest), after section 888 insert—

“888A Qualifying private placements

(1)     The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on a qualifying private placement.

(2)     “Qualifying private placement” means a security—

(a)     which represents a loan relationship to which a company is a party as

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