Part 15Deduction of income tax at source

Chapter 2Meaning of “relevant investment” for purposes of section 876

Introduction

850Overview of Chapter

F1(1)

This Chapter has effect for the purposes of section 876 (duty under section 874 to deduct tax from payments of yearly interest: exception for deposit-takers).

F2(2)

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(3)

Sections 853 to 856 set out some basic concepts, so that—

(a)

section 853 defines “deposit-taker” (and section 854 allows the Treasury by order to prescribe persons as deposit-takers),

(b)

section 855 defines “investment” and “deposit”, and

(c)

section 856 explains which investments are relevant investments.

(4)

Section 856 is subject to—

(a)

section 857 (which sets out when investments must be treated as relevant and when they may be treated as not relevant), and

(b)

sections F3863 to 870 (which describe various kinds of investment which are not relevant investments).

(5)

Sections F4872 and 873 contain supplementary provisions.

(6)

For the purposes of this F5Chapter, crediting interest counts as paying it.