# Finance Act 2016, Paragraph 2


In section 876 of ITA 2007 (interest paid by deposit-takers), for subsections (1) and (2) substitute—
“(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.”

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/6/paragraph/2 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-6/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.