# Income Tax (Trading and Other Income) Act 2005, Paragraph 404


In Schedule 12 (building societies: change of status) for paragraph 7 substitute—
“Certified SAYE savings arrangements
7 Section 702 of the Income Tax (Trading and Other Income) Act 2005 (interest under certified SAYE savings arrangements to be exempt from income tax) shall have effect in relation to any interest (or bonus) payable after the transfer under a savings arrangement which immediately before the transfer was a certified SAYE savings arrangement (within the meaning of section 703(1) of that Act) in relation to the society despite the fact that it ceased to be such an arrangement by reason of the transfer.”

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Source: https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/404 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/schedule-1/paragraph-404
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.