Taxes Consolidation Act, 1997 (Number 39 of 1997)
CHAPTER 4
Interest payments by certain deposit takers
256 Interpretation (Chapter 4).
[FA 86 s31; FA91 s11; FA92 s22(1)(a); F(No.2)A92 s3(a); FA93 s15(1)(a); FA95 s11(1) and s167]
(1) In this Chapter—
“amount on account of appropriate tax” shall be construed in accordance with section 258(4);
[5]>
“appropriate tax”, in relation to a payment of relevant interest, means a sum representing income tax on the amount of that payment—
(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 15 per cent, and
(b) in the case of any other relevant deposit, at the standard rate in force at the time of payment;
<[5]
[8]>
[5]>
“appropriate tax”, in relation to a payment of relevant interest, means a sum representing income tax on the amount of the payment—
[1]>
(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent,
<[1]
[1]>
(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent, and
<[1]
(b) in the case of a relevant deposit the interest in respect of which is payable annually or at more frequent intervals or a relevant deposit which is a specified deposit within the meaning of section 260, at the standard rate in force at the time of payment, and
(c) in the case of any other relevant deposit, being a deposit made on or after the date of the passing of the Finance Act, 2000, at a rate determined by the formula—
(S + 3) per cent
where S is the standard rate per cent (within the meaning of section 4(1)) in force at the time of payment;
<[5]
<[8]
[9]>
[8]>
“appropriate tax”, in relation to a payment of relevant interest, means a sum representing income tax on the amount of the payment—
(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent,
(b) subject to paragraph (c), in the case of any other relevant deposit, at the standard rate in force at the time of payment, and
(c) in the case of a relevant deposit, being a deposit made on or after 23 March 2000, other than a relevant deposit—
(i) referred to in paragraph (a), or
(ii) the interest in respect of which is payable annually or at more frequent intervals, or
(iii) which is a specified deposit within the meaning of section 260,
at a rate determined by the formula—
(S + 3) per cent
where S is the standard rate per cent (within the meaning of section 4(1)) in force at the time of payment;
<[8]
<[9]
[59]>
[9]>
“appropriate tax”, in relation to a payment of relevant interest, means a sum representing income tax on the amount of the payment—
[13]>
(a) in the case of interest paid in respect of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent,
<[13]
[13]>
(a) in the case of interest paid in respect of a relevant deposit or relevant deposits held in—
(i) a special savings account, or
(ii) a special term account,
at the rate of [32]>20 per cent<[32]
[35]>[32]>23 per cent<[32]<[35][46]>[35]>25 per cent<[35]<[46][51]>[46]>27 per cent<[46]<[51][56]>[51]>30 per cent<[51]<[56][56]>33 per cent<[56],
<[13]
[33]>
(b) subject to paragraph (c), in the case of interest paid in respect of any other relevant deposit, at the standard rate in force at the time of payment, and
<[33]
[36]>
[33]>
(b) subject to paragraph (c), in the case of interest paid in respect of any other relevant deposit, at a rate determined by the formula—
(S + 3) per cent
where S is the standard rate per cent (within the meaning of section 4(1)) in force at the time of payment, and,
<[33]
<[36]
[36]>
(b) subject to paragraph (c), in the case of interest paid in respect of any other relevant deposit, at the rate of [47]>25 per cent<[47][52]>[47]>27 per cent<[47]<[52][57]>[52]>30 per cent<[52]<[57][57]>33 per cent<[57], and
<[36]
[37]>
(c) in the case of interest paid in respect of a relevant deposit, being a deposit made on or after 23 March 2000, other than interest which is—
(i) referred to in paragraph (a), or
(ii) payable annually or at more frequent intervals, or
(iii) specified interest within the meaning of section 260,
at a rate determined by the formula—
[34]>(S + 3) per cent<[34][34]>(S + 6) per cent<[34]
where S is the standard rate per cent (within the meaning of section 4(1)) in force at the time of payment;
<[37]
[37]>
(c) in the case of interest paid in respect of a relevant deposit, being a deposit made on or after 23 March 2000, other than interest which is—
(i) referred to in paragraph (a), or
(ii) payable annually or at more frequent intervals, or
(iii) specified interest within the meaning of section 260,
at the rate of [48]>28 per cent<[48][53]>[48]>30 per cent<[48]<[53][58]>[53]>33 per cent<[53]<[58][58]>36 per cent<[58];
<[37]
<[9]
<[59]
[68]>
[59]>
“appropriate tax”, in relation to a payment of relevant interest, means a sum representing income tax on the amount of the payment at the rate of 41 per cent;
<[59]
<[68]
[68]>
“appropriate tax”, in relation to a payment of relevant interest, means—
(a) as respects the year of assessment 2017, a sum representing income
tax on the amount of the payment at the rate of 39 per cent,
(b) as respects the year of assessment 2018, a sum representing income
tax on the amount of the payment at the rate of 37 per cent,
(c) as respects the year of assessment 2019, a sum representing income
tax on the amount of the payment at the rate of 35 per cent, and
(d) as respects the year of assessment 2020 and each subsequent year
of assessment, a sum representing income tax on the amount of the payment at the rate of 33 per cent;
<[68]
“building society” means a building society within the meaning of the Building Societies Act, 1989, or a society established in accordance with the law of any other Member State of the European Communities which corresponds to that Act;
[14]>
“credit union” means a society registered under the Credit Union Act, 1997, including a society deemed to be so registered under section 5(3) of that Act;
<[14]
[10]>
“deposit” means a sum of money paid to a relevant deposit taker on terms under which it will be repaid with or without interest and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person to whom it is made;
<[10]
[10]>
“deposit” means a sum of money paid to a relevant deposit taker on terms under which it, or any part of it, may be repaid with or without interest and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person to whom it is made, notwithstanding that the amount to be repaid may be to any extent linked to or determined by changes in a stock exchange index or any other financial index;
<[10]
[66]>
“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
“EEA state” means a state which is a contracting party to the EEA Agreement;
<[66]
“foreign currency” means a currency other than the currency of the State;
[11]>
“interest” means any interest of money whether yearly or otherwise, including any amount, whether or not described as interest, paid in consideration of the making of a deposit, and, as respects a building society, includes any dividend or other distribution in respect of shares in the society; but any amount consisting of an excess of the amount received on the redemption of any holding of A.C.C. Bonus Bonds — First Series, issued by ACC Bank plc, over the amount paid for the holding shall not be treated as interest for the purposes of this Chapter;
<[11]
[11]>
“interest” means any interest of money whether yearly or otherwise, including any amount, whether or not described as interest, paid in consideration of the making of a deposit, and, as respects—
(a) a deposit, where the amount to be repaid may be to any extent linked to or determined by changes in a stock exchange index or any other financial index, includes any amount which is or is to be repaid over and above the amount of the deposit,
(b) a building society, includes any dividend or other distribution in respect of shares in the society,
[6]>but any amount consisting of an excess of the amount received on the redemption of any holding of A.C.C. Bonus Bonds — First Series, issued by ACC Bank plc, over the amount paid for the holding shall not be treated as interest for the purposes of this Chapter<[6],
<[11]
[15]>
“long term account” means an account opened by an individual with a relevant deposit taker on terms under which the individual has agreed that each relevant deposit held in the account is to be held in the account for a period of not less than 5 years;
“medium term account” means an account opened by an individual with a relevant deposit taker on terms under which the individual has agreed that each relevant deposit held in the account is to be held in the account for a period of not less than 3 years;
<[15]
“pension scheme” means an exempt approved scheme within the meaning of section 774 or a retirement annuity contract or a trust scheme to which section 784 or 785 applies;
[71]>
“PEPP” has the same meaning as in Chapter 2D of Part 30;
“PEPP provider” has the same meaning as in Chapter 2D of Part 30;
<[71]
[54]>
“Personal Retirement Savings Account” has the same meaning as in section 787A;
<[54]
[41]>
“PRSA provider” has the same meaning as in Part X of the Pensions Act 1990;
<[41]
[69]>
“relevant amount” means any amount of income referred to in section 205A(2) and any amount of gains referred to in section 205A(3);
<[69]
“relevant deposit” means a deposit held by a relevant deposit taker, other than a deposit—
(a) which is made by, and the interest on which is beneficially owned by—
(i) a relevant deposit taker,
(ii) the National Treasury Management Agency,
[61]>
(iia) a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner,
<[61]
(iii) the State acting through the National Treasury Management Agency,
[4]>
[38]>
(iiia) the National Pensions Reserve Fund Commission,
<[38]
[39]>
(iiib) the State acting through the National Pensions Reserve Fund Commission,
<[39]
<[4]
[62]>
[38]>
(iiia) the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)),
<[38]
<[62]
[63]>
[39]>
(iiib) the State acting through the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)),
<[39]
<[63]
[64]>
[24]>
(iiic) the National Development Finance Agency,
<[24]
<[64]
[40]>
(iiid) the National Asset Management Agency,
(iiie) the State acting through the National Asset Management Agency,
<[40]
[60]>
(iiif) the Strategic Banking Corporation of Ireland or a subsidiary wholly owned by it or a subsidiary wholly owned by any such subsidiary,
<[60]
[65]>
(iiig) the Minister for Social Protection in respect of accounts held under section 9 of the Social Welfare Consolidation Act 2005,
<[65]
[2]>
(iv) the Central Bank of Ireland, or
(v) Icarom plc,
<[2]
[2]>
(iv) the Central Bank of Ireland,
(v) The Investor Compensation Company Limited, or
(vi) Icarom plc,
<[2]
(b) which is a debt on a security issued by the relevant deposit taker and listed on a stock exchange,
(c) which, in the case of a relevant deposit taker resident in the State for the purposes of corporation tax, is held at a branch of the relevant deposit taker situated outside the State,
(d) which, in the case of a relevant deposit taker not resident in the State for the purposes of corporation tax, is held otherwise than at a branch of the relevant deposit taker situated in the State,
(e) which is a deposit denominated in a foreign currency made—
(i) by a person other than an individual before the 1st day of January, 1993, or
(ii) by an individual before the 1st day of June, 1991,
but, where on or after the 1st day of June, 1991, and before the 1st day of January, 1993, a deposit denominated in a foreign currency is made by an individual to a relevant deposit taker with whom the individual had a deposit denominated in the same foreign currency immediately before the 1st day of June, 1991, such a deposit shall not be regarded as a relevant deposit,
(f) (i) which is made on or after the 1st day of January, 1993, by, and the interest on which is beneficially owned by—
(I) a company which is or will be within the charge to corporation tax in respect of the interest, or
(II) a pension scheme,
and
[20]>
(ii) in respect of which a declaration of the kind mentioned in section 265 has been made to the relevant deposit taker,
<[20]
[20]>
(ii) in respect of which the company or pension scheme which is the beneficial owner of the interest has provided the relevant deposit taker with that person’s tax reference number (within the meaning of section 885) or where, in the case of a pension scheme, there is no such number, with the number assigned by the Revenue Commissioners to the employer to whom that pension scheme relates,
<[20]
(g) in respect of which—
(i) no person resident in the State is beneficially entitled to any interest, and
(ii) a declaration of the kind mentioned in section 263 has been made to the relevant deposit taker, [25]>or<[25]
(h) (i) the interest on which is exempt—
(I) from income tax under Schedule D by virtue of section 207(1)(b), or
(II) from corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),
and
[21]>
(ii) in respect of which a declaration of the kind mentioned in section 266 has been made to the relevant deposit taker;
<[21]
[21]>
(ii) in respect of which the beneficial owner of the interest has provided the relevant deposit taker with the reference number assigned to that person by the Revenue Commissioners in recognition of that person’s entitlement to exemption from tax under section 207 and known as the [26]>charity (CHY) number;<[26][26]>charity (CHY) number,<[26]
<[21]
[27]>
(i) which is a deposit referred to in subsection (1A), [42]>or<[42]
(j) which is a deposit referred to [72]>in [72]>in subsection (1B),<[72][43]>subsection (1B);<[43][43]>subsection (1B), or<[43]<[72]
<[27]
[55]>
[44]>
(k) which is made by, and the interest on which is beneficially owned by, a PRSA provider where the PRSA provider has provided the relevant deposit taker with the number assigned to that provider by the Revenue Commissioners;
<[44]
<[55]
[55]>
(k) which is made by a PRSA provider and which is held for the purposes of a Personal Retirement Savings Account, where the PRSA provider has provided the relevant deposit taker with the number assigned to that provider by the [73]>Revenue Commissioners;<[73][73]>Revenue Commissioners, or<[73]
<[55]
[74]>
(l) which is made by a PEPP provider, held for the purposes of a PEPP and in respect of which a declaration in accordance with section 263F has been made to the relevant deposit taker;
<[74]
“relevant deposit taker” means any of the following persons—
[67]>
(a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971, or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section,
<[67]
[67]>
(a) a person who is a holder of a licence granted under section 9 or an authorisation granted under section 9A of the Central Bank Act 1971, or a person who holds a licence or other similar authorisation under the law of an EEA state, other than the State, which corresponds to a licence granted under the said section 9,
<[67]
(b) a building society,
(c) a trustee savings bank within the meaning of the Trustee Savings Banks Acts, 1863 to 1989,
[16]>
(ca)a credit union,
<[16]
[28]>
(cb) a specified intermediary in relation only to a specified deposit,
<[28]
[7]>
(d) ACC Bank plc,
<[7]
[3]>
(e) ICC Bank plc,
(f) ICC Investment Bank Limited,
<[3]
(g) the Post Office Savings Bank;
[17]>
“relevant interest” means interest paid in respect of a relevant deposit;
<[17]
[17]>
“relevant interest” means, subject to section 261A, interest paid in respect of a relevant deposit;
<[17]
“return” means a return under section 258(2);
“special savings account” means an account opened [12]>on or after the 1st day of January, 1993<[12]
[12]>on or after 1 January 1993 and before 6 April 2001<[12], in which a relevant deposit or relevant deposits made by an individual is or are held and in respect of which—
(a) the conditions in section 264(1) are satisfied, and
(b) a declaration of the kind mentioned in section 264(2) has been made to the relevant [18]>deposit taker.<[18]
[18]>deposit taker;<[18]
[19]>
“special term account” means—
(a) a medium term account, or
(b) a long term account,
being an account in which a relevant deposit or relevant deposits made by an individual is or are held and in respect of which—
(i) the conditions specified in section 264A(1) are satisfied, and
(ii) a declaration of the kind mentioned in section 264A(2) has been made to the relevant deposit [22]>taker.<[22][22]>taker;<[22]
<[19]
[23]>
“special term share account” has the same meaning as in [29]>section 267A.<[29][29]>section 267A;<[29]
<[23]
[30]>
“specified deposit” means a deposit of a class designated by the Minister for Finance for the purposes of this definition;
“specified intermediary” means a person appointed by the National Treasury Management Agency for the purposes only of taking specified deposits.
<[30]
[31]>
(1A) A deposit shall be a deposit to which this subsection refers as respects any year of assessment if—
(a) (i) at any time in that year of assessment the individual beneficially entitled to the interest or the individual’s [49]>spouse<[49][49]>spouse or civil partner<[49] has attained the age of 65 years, and
(ii) the total income of the individual for that year of assessment does not exceed the specified amount (within the meaning of section 188(2)) applicable to that individual,
and
(b) a declaration of the kind mentioned in section 263A has been made to the relevant deposit taker.
(1B) A deposit shall be a deposit to which this subsection refers as respects any year of assessment if—
(a) (i) the individual beneficially entitled to any interest paid in respect of that deposit in that year of assessment, or the individual’s [50]>spouse<[50][50]>spouse or civil partner<[50], is a relevant person (within the meaning of section 267(1)(b)) and the individual would, in accordance with section 267(3), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest, or
(ii) the person entitled to any interest paid in respect of that deposit in that year of assessment is a person who is exempt from income tax by virtue of section 189A(2) and that person would, in accordance with section 267(2), be entitled to repayment of the whole of any appropriate tax if it had been deducted from that interest,
(b) a declaration of the kind mentioned in section 263B has been made to the Revenue Commissioners,
(c) a notification of the kind mentioned in section 263C has been issued by the Revenue Commissioners to the relevant deposit taker that the deposit is a deposit to which this subsection refers and that notification is not cancelled in accordance with section 263C(2), and
(d) the individual beneficially entitled to the interest is not an individual referred to in subsection (1A), other than an individual who is a relevant person within the meaning of section 267(1)(b),
and where, by virtue of section 263C(2), a deposit is not a deposit to which this subsection refers as respects any year of assessment, then the Revenue Commissioners shall notify the deposit taker accordingly and where at any time the Revenue Commissioners have so notified the deposit taker, the deposit shall not be a deposit to which this subsection applies from that time.
<[31]
[70]>
(1C) A deposit shall be a deposit to which this subsection refers as respects any year of assessment if—
(a) the deposit is solely in respect of a relevant amount,
(b) a declaration of the kind mentioned in section 263D has been made to the Revenue Commissioners, and
(c) a notification of the kind mentioned in section 263E has been issued by the Revenue Commissioners to the relevant deposit taker that the deposit is not a relevant deposit.”,
<[70]
(2) For the purposes of this Chapter—
(a) any amount credited as interest in respect of a relevant deposit shall be treated as a payment of interest, and references in this Chapter to relevant interest being paid shall be construed accordingly,
(b) any reference in this Chapter to the amount of a payment of relevant interest shall be construed as a reference to the amount which would be the amount of that payment if no appropriate tax were to be deducted from that payment, and
(c) a deposit shall be treated as held at a branch of a relevant deposit taker if it is recorded in its books as a liability of that branch.
[45]>
(3) As respects any specified deposits, the relevant deposit taker shall obtain the tax reference number (within the meaning of section 885) of the person making the deposit and the person making the deposit shall provide the tax reference number.
<[45]
[2]
Substituted by FA99 s76(1)(b). Shall be deemed to have come into operation on the 10th day of September, 1998.
[10]
Substituted by FA01 s55(a)(ii). Applies as respects a deposit made on or after 6 April 2001.
[11]
Substituted by FA01 s55(a)(iii). Applies as respects a deposit made on or after 6 April 2001.
[13]
Substituted by FA01 s57(1)(a)(i)(I). With effect from 1 January 2002 per SI 596 of 2001.
[17]
Substituted by FA01 s57(1)(a)(i)(V). With effect from 1 January 2002 per SI 596 of 2001.
[18]
Substituted by FA01 s57(1)(a)(i)(VI). With effect from 1 January 2002 per SI 596 of 2001.
[20]
Substituted by FA02 s20(1)(a)(i). Applies as respects deposits made on or after the date of 25 March 2002
[21]
Substituted by FA02 s20(1)(a)(ii). Applies as respects deposits made on or after the date of 25 March 2002
[32]
Substituted by F(No.2)A08 s26(1)(a)(i). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2009.
[33]
Substituted by F(No.2)A08 s26(1)(a)(ii). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2009.
[34]
Substituted by F(No.2)A08 s26(1)(a)(iii). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2009.
[35]
Substituted by FA09 s9(1)(a). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 8 April 2009.
[36]
Substituted by FA09 s9(1)(b). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 8 April 2009.
[37]
Substituted by FA09 s9(1)(c). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 8 April 2009.
[38]
Substituted by the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 s9(c). With effect from 30 March 2009 per SI No. 102 of 2009.
[39]
Substituted by the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 s9(c). With effect from 30 March 2009 per SI No. 102 of 2009.
[41]
Inserted by FA10 s37(1)(a). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 3 April 2010.
[42]
Deleted by FA10 s37(1)(b). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 3 April 2010.
[43]
Substituted by FA10 s37(1)(c). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 3 April 2010.
[44]
Inserted by FA10 s37(1)(d). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 3 April 2010.
[45]
Inserted by FA10 s37(1)(e). Applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 3 April 2010.
[46]
Substituted by FA11 s30(1)(a)(i). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2011.
[47]
Substituted by FA11 s30(1)(a)(ii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2011.
[48]
Substituted by FA11 s30(1)(a)(iii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2011.
[51]
Substituted by FA12 s36(1)(a)(i). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2012.
[52]
Substituted by FA12 s36(1)(a)(ii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2012.
[53]
Substituted by FA12 s36(1)(a)(iii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2012.
[54]
Inserted by FA12 s36(1)(b). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2012.
[55]
Substituted by FA12 s36(1)(c). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2012.
[56]
Substituted by FA13 s23(1)(a)(i). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2013.
[57]
Substituted by FA13 s23(1)(a)(ii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2013.
[58]
Substituted by FA13 s23(1)(a)(iii). Applies to any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8) made on or after 1 January 2013.
[59]
Substituted by F(No.2)A13 s23(1)(a). Applies to interest or dividends (within the meaning of Part 8) paid on or after 1 January 2014.
[60]
Inserted by SBCoIA14 part7(1)(d). Does not apply in circumstances where the Minister does not hold all of the shares in the SBCI.
[68]
Substituted by FA16 s21(1)(a). Applies to relevant interest, specified interest or foreign deposit interest, as the case may be, received or paid on or after 1 January 2017.