Search Legislation

Income Tax (Trading and Other Income) Act 2005

Status:

This is the original version (as it was originally enacted).

Chapter 2National savings income

691National Savings Bank ordinary account interest

(1)No liability to income tax arises for an individual in respect of interest on deposits in ordinary accounts with the National Savings Bank if the interest for the tax year does not exceed £70.

(2)If the interest for the tax year exceeds £70, the individual is only liable to income tax on the excess.

692Income from savings certificates

(1)No liability to income tax arises in respect of income from authorised savings certificates.

(2)A savings certificate is authorised so far as its acquisition was not prohibited by regulations made by the Treasury limiting a person’s holding.

(3)In this section “savings certificates” means—

(a)savings certificates issued under—

(i)section 12 of the National Loans Act 1968 (c. 13) (power of Treasury to borrow),

(ii)section 7 of the National Debt Act 1958 (c. 6) (power of Treasury to issue national savings certificates), or

(iii)section 59 of FA 1920 (power to borrow on national savings certificates),

(b)war savings certificates, as defined in section 9(3) of the National Debt Act 1972 (c. 65), or

(c)savings certificates issued under any enactment forming part of the law of Northern Ireland and corresponding to section 12 of the National Loans Act 1968.

(4)But subsection (3)(c) does not include Ulster Savings Certificates (for which there are special rules in section 693).

693Income from Ulster Savings Certificates

(1)No liability to income tax arises in respect of income from authorised Ulster Savings Certificates if condition A, B or C is met.

(2)Condition A is that —

(a)the holder purchased them, and

(b)at the time of the purchase the holder was resident and ordinarily resident in Northern Ireland.

(3)Condition B is that the holder is so resident and ordinarily resident when they are repaid.

(4)Condition C is that—

(a)they are repaid after the holder’s death, and

(b)at the time of the purchase the holder was so resident and ordinarily resident.

(5)An Ulster Savings Certificate is authorised so far as its acquisition was not prohibited by regulations made by the Department of Finance and Personnel limiting a person’s holding.

(6)The exemption under this section requires a claim.

(7)In this Act “Ulster Savings Certificates” means savings certificates issued or treated as issued under section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950 (c. 3 (N.I.)).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources