The Income Tax (Deposit-takers) (Interest Payments)Regulations 1990
These Regulations, made under sections 480B and 482(11) of the Income and Corporation Taxes Act 1988 (“the 1988 Act”), prescribe the conditions which, if fulfilled, enable payments of interest by a deposit-taker to be made without deduction of tax, thereby disapplying section 480A of the 1988 Act (“section 480A”). They also provide for recovery of tax paid in the tax year in which the conditions are fulfilled, and for the furnishing of information to, and inspection of documents by, the Board in connection with payments of interest by deposit-takers under deduction of tax pursuant to section 480A or, in accordance with these Regulations, without deduction of tax.