The Income Tax (Deposit-takers and Building Societies) (Interest Payments) (Amendment) Regulations 2015

Citation, commencement

1.  These Regulations may be cited as the Income Tax (Deposit-takers and Building Societies)(Interest Payments) (Amendment) Regulations 2015 and come into force on 6th April 2015.

Amendment of the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008

2.  The Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 2008(1) are amended as follows.

3.  In regulation 2 (interpretation), in the definition of “certificate” after “non-liability to tax”, insert “on savings income(2)”.

4.  In the following places insert “on savings income”—

(a) in the headings to regulation 5 and to regulation 10, after “tax”,

(b) regulation 5 (non-liability certificate), after the first and second mention of “tax”,

(c) regulation 9(5) (notification to financial institution), after the first mention of “tax”,

(d) regulation 11(2)(a) (invalid certificate), after the first mention of “tax”, and

(e) regulation 12(1), (2) and (6) (deduction certificate) after “tax”.

5.  In regulation 6 (prescribed persons)—

(a) for paragraph (1)(e) substitute—

“(e) if the person beneficially entitled to a payment of interest is resident in England and Wales and lacks capacity to make a decision for himself for the purposes of section 2 of the Mental Capacity Act 2005(3) – a parent, guardian, spouse, civil partner, son or daughter of the person;

(ea) if the person beneficially entitled to a payment of interest is resident in Scotland or Northern Ireland and is suffering from mental disorder – a parent, guardian, spouse, civil partner, son or daughter of the person;”;

(b) for paragraph (1)(f) substitute—

“(f) if the person beneficially entitled to a payment of interest is resident in England and Wales—

(i) a person appointed pursuant to an order under section 16(2)(a) of the Mental Capacity Act 2005; or

(ii) a person appointed a deputy under section 16(2)(b) of that Act;

(fa) if the person beneficially entitled to a payment of interest is resident in Scotland and is incapable by reason of mental disorder of managing and administering their property and affairs – a receiver or other person appointed by any court to act in relation to their property and affairs;

(fb) if the person beneficially entitled to a payment of interest is resident in Northern Ireland and is incapable by reason of mental disorder of managing and administering their property and affairs – a receiver or other person appointed by any court to act in relation to their property and affairs; or”;

(c) in paragraph (2), in the definition of “mental disorder”, omit sub-paragraph (a).

Edward Troup

Jim Harra

Two of the Commissioners for Her Majesty’s Revenue and Customs

11th March 2015