A4.425 Interest excluded from ITA 2007, s 874The following payments are excluded from the duty to deduct tax under ITA 2007, s 874: (a) interest paid by a building society (see A4.405–A4.411)1 (b) interest payable by a deposit-taker in respect of a 'relevant investment' (see A4.406–A4.410)2 where: (i) (in relation to interest paid on or after 6 April 2016) the payment is made by a deposit-taker and the investment is a 'relevant investment' (see A4.406–A4.410); or (ii) (in relation to interest paid before 6 April 2016) there was already a duty to deduct a sum representing income tax under the rules relating to deposit-takers, or would have been but for a declaration of non-UK residence or a certificate that the recipient was unlikely to be liable to income tax (c) payments of interest that are UK public revenue dividends (see below)3 (d) interest payable by a bank in the ordinary course of its business4 (in the case of Northern Rock plc after it was taken into public ownership, this includes payment of interest on securities liabilities issued or
The following payments are excluded from the duty to deduct tax under ITA 2007, s 874:
(a) interest paid by a building society (see A4.405–A4.411)1
(b) interest payable by a deposit-taker in respect of a 'relevant investment' (see A4.406–A4.410)2 where:
(i) (in relation to interest paid on or after 6 April 2016) the payment is made by a deposit-taker and the investment is a 'relevant investment' (see A4.406–A4.410); or
(ii) (in relation to interest paid before 6 April 2016) there was already a duty to deduct a sum representing income tax under the rules relating to deposit-takers, or would have been but for a declaration of non-UK residence or a certificate that the recipient was unlikely to be liable to income tax
(c) payments of interest that are UK public revenue dividends (see below)3
(d) interest payable by a bank in the ordinary course of its business4 (in the case of Northern Rock plc after it was taken into public ownership, this includes payment of interest on securities liabilities issued or
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