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Income Tax Act 2007
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- UK Public General Acts
- 2007 c. 3
- SCHEDULE 2
- Part 15
- Paragraph 163
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Deduction from certain payments of yearly interest: interest paid by banks
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163(1)In the case of payments of interest to which this paragraph applies, section 878 (exceptions from duty to deduct: interest paid by banks) has effect with the modification in sub-paragraph (2).
(2)The modification is the substitution for subsections (1) and (2) of that section of “The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest by a bank carrying on a genuine banking business in the United Kingdom.”
(3)This paragraph applies to interest payable on an advance made before 29 April 1996.
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