SCHEDULES

SCHEDULE 1Minor and consequential amendments

Part 2Other enactments

Taxes Management Act 1970 (c. 9)

247

1

Amend section 17 (interest paid or credited by banks etc without deduction of income tax or after deduction of income tax) as follows.

2

In subsection (1) after “bank” insert “ or building society ”.

3

In subsection (1A) for “section 840A of the principal Act” substitute “ section 991 of ITA 2007 ”.

4

After subsection (6) insert—

7

In the application of this section in relation to building societies, references to interest include references to dividends.

For this purpose “dividend” includes any distribution (whether or not described as a dividend).

5

In the sidenote after “banks” insert “ , building societies ”.