Part 15

Deduction of income tax at source
Chapter 3

Deduction from certain payments of yearly interest

Exceptions from duty to deduct

Interest paid by building societies
875
The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a building society unless it is treated as a payment of yearly interest by virtue of section 874(5A).
Words in s. 875 inserted (with effect in accordance with Sch. 11 para. 12(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 11 para. 3
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)