Income Tax Act 2007

894 Treasury directions

(1) The Treasury may direct that any securities to which subsection (2) applies are gross-paying government securities.

(2) This subsection applies to any securities, so far as they are not gilt-edged securities, issued or treated as issued under—

(a) the National Loans Act 1939 (c. 117), or

(b) the National Loans Act 1968 (c. 13).

(3) The Treasury may, at the request of the Department of Finance and Personnel for Northern Ireland, direct that any securities issued under section 11(1)(c) of the Exchequer and Financial Provisions Act (Northern Ireland) 1950 (c. 3 (N.I.)) are gross-paying government securities.

(4) In relation to any securities which are gross-paying government securities by virtue of a direction under subsection (3)—

(a) references in sections 895 and 896 to “the Registrar” are to be read as references to the bank in the books of which the securities are registered or inscribed, and

(b) references in those sections to the Treasury are to be read as references to the Department of Finance and Personnel for Northern Ireland.

(5) A direction under subsection (1) or (3) in respect of any securities may provide that the direction is to have effect in relation only to payments of interest on the securities made on or after a date specified in the direction.