Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Chapter 3 U.K. Deduction from certain payments of yearly interest

Exceptions from duty to deduct U.K.

878 Interest paid by banks U.K.

(1) The duty to deduct a sum representing income tax under section 874 does not apply to a payment of interest made by a bank if that payment is made in the ordinary course of its business.

(2) Section 991 (meaning of “bank”) applies for the purposes of this section.