Part 15 Deduction of Income Tax at Source
Income Tax Act 2007 (2007 c 3) | Legislation

Part 15 Deduction of Income Tax at Source

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Deduction by deposit-takers: qualifying certificates of deposit

157

(1)     This paragraph applies to a certificate of deposit which was issued by a deposit-taker before 13 March 1984 on terms which provide for interest to be payable on the deposit at any time after 5 April 1985 (whether or not interest is payable on it before that date).

(2)     The certificate of deposit is to be treated as a qualifying certificate of deposit for the purposes of section 865.

Deduction by deposit-takers: qualifying time deposits

158

(1)     This paragraph applies to a deposit with a deposit-taker which—

(a)     was made before 6 July 1984, and

(b)     meets the condition in sub-paragraph (2).

(2)     The condition is that the deposit is made on terms which—

(a)     do not make provision for the transfer of the right to repayment,

(b)     prevent partial withdrawals of, or additions to, the deposit, and

(c)     require the deposit-taker—

(i)     to repay the sum at the end of a specified period ending after 5 April 1985, or

(ii)     if interest is

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