Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 15: Deduction of income tax at source

Overview

Chapter 2: Deduction by deposit-takers and building societies
Overview
Section 866: Qualifying time deposits

2619.This section provides that an investment will not be treated as a relevant investment if the deposit is a “qualifying time deposit”. It is based on sections 481(5)(a) and 482(6) of ICTA and regulation 4(1)(j) of the building society regulations.