Link Report

(4) Notwithstanding any provision of the Tax Acts other than the provisions (apart from section 261(c)) of Chapter 4 of Part 8, income arising to a non-commercial state-sponsored body—

(6) Subject to subsection (8), section 261 shall apply in relation to any relevant interest paid in respect of a relevant deposit held in a special term account, as if the following paragraph were substituted for paragraph (c) of that section:

(1) In this section “specified interest” means interest arising to a person in respect of a deposit in relation to which a declaration has been made by the person under subsection (1A) or (1B) of section 256 subsection (1A), (1B), or (1C) of section 256 and which is not included in relevant interest for the purposes of paragraph (c)(i)(II) of section 261.

(4) Section 261 shall apply in relation to any relevant interest paid in respect of any relevant deposit held in a special savings account as if the following paragraph were substituted for paragraph (c) of that section:

(2) Notwithstanding section 261(b), appropriate tax which—

(2) Notwithstanding section 261(b), repayment of appropriate tax in respect of any relevant interest shall be made to a person entitled to exemption in respect of that interest—

(3) Where in any year of assessment (in this subsection referred to as “the relevant year”) the total income of a relevant person includes any relevant interest or would, but for the provisions of section 189(2), section 189A(3) section 189A(4) or section 192(2) section 189(2), section 189A(4), section 192(2) or section 205A(2), have included relevant interest, and apart from section 261(b) the relevant person would be entitled to repayment of the whole or any part of the appropriate tax deducted from that relevant interest, then, notwithstanding section 261(b), the repayment to which the relevant person would be so entitled may be made to the relevant person on the making by the relevant person to the inspector, not earlier than the end of the relevant year, of a claim in that behalf.

(3) Where in any year of assessment (in this subsection referred to as “the relevant year”) the total income of a relevant person includes any relevant interest or would, but for the provisions of section 189(2), section 189A(3) section 189A(4) or section 192(2) section 189(2), section 189A(4), section 192(2) or section 205A(2), have included relevant interest, and apart from section 261(b) the relevant person would be entitled to repayment of the whole or any part of the appropriate tax deducted from that relevant interest, then, notwithstanding section 261(b), the repayment to which the relevant person would be so entitled may be made to the relevant person on the making by the relevant person to the inspector, not earlier than the end of the relevant year, of a claim in that behalf.

(3) Section 261 shall apply in relation to any dividend paid on shares held in a special share account or a special term share account which under section 267B is treated in whole or in part as relevant interest paid in respect of a relevant deposit, as if the following paragraph were substituted for paragraph (c) of that section:

(a) income chargeable to tax in accordance with subparagraph (i) of paragraph (c) of section 261 where clause (II) of that subparagraph applies to the income concerned, concerned, and

(b) Paragraph (b) of section 261 shall apply to a company for as long as it is deemed by virtue of subsection (2) to be carrying on a trade of working a qualifying mine as if “who is not a company within the charge to corporation tax in respect of the payment” were deleted from that paragraph.

(ii) is fully taxed at source under section 261,