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Changes over time for: Cross Heading: Deduction from certain payments of yearly interest: interest paid by banks


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/04/2008.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Deduction from certain payments of yearly interest: interest paid by banks.

Changes to Legislation
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Deduction from certain payments of yearly interest: interest paid by banksU.K.
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).U.K.
(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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