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The European Investment Bank (Designated International Organisation) Order 1996
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- 1996 No. 1179
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order designates the European Investment Bank as a bank for the purposes of the definition of “bank” in section 840A of the Income and Corporation Taxes Act 1988 (inserted by paragraph 1(1) of Schedule 37 to the Finance Act 1996 (“Schedule 37”)).
The Order also modifies the application of section 349(3)(a) of the 1988 Act (as amended by paragraph 3 of Schedule 37) in relation to the European Investment Bank so that interest payable on an advance from the Bank may be paid without deduction of tax even though the Bank is not within the charge to corporation tax as respects the interest at the time the interest is paid.
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