Part 15Deduction of income tax at source
Chapter 3Deduction from certain payments of yearly interest
Exceptions from duty to deduct
F1876Interest paid by deposit-takers
(1)
The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest on an investment if—
(a)
the payment is made by a deposit-taker, and
(b)
when the payment is made, the investment is a relevant investment.
(1A)
In this section “deposit-taker”, “investment” and “relevant investment” have the meaning given by Chapter 2.