Finance Act 1996

11 (1) The following subsection—

“( ) In this section “bank” has the meaning given by section 840A of the principal Act.”,

shall be inserted in the [1970 c. 9.] Taxes Management Act 1970 in accordance with sub-paragraph (2) below.

(2) The subsection shall be inserted—

(a) in section 17 (returns from banks etc.), after subsection (1), as subsection (1A);

(b) in section 18 (obligation to supply certain information not to apply to banks), after subsection (3), as subsection (3AA);

(c) in section 24 (obligation to disclose certain particulars not to apply to banks), after subsection (3), as subsection (3A).

(3) In section 17(1) of that Act, for “person carrying on the trade or business of banking” there shall be substituted “such person who is a bank”.

(4) In section 18(3) of that Act for the words from “carrying on” to the end there shall be substituted “in respect of any interest paid by the bank in the ordinary course of its business”.

(5) This paragraph applies as follows—

(a) the amendments of section 17 apply in relation to interest paid on or after the day on which this Act is passed; and

(b) the amendments of sections 18 and 24 apply in relation to requirements imposed on or after the day on which this Act is passed.