Finance Act, 1995
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Amendment of provisions relating to the taxation of certain savings and investments. |
11.—(1) As respects any relevant interest (within the meaning of Chapter IV of Part I of the Finance Act, 1986 ) paid or credited on or after the 6th day of April, 1995, section 31 of the Finance Act, 1986 , is hereby amended, in subsection (1), by the substitution, in the definition of “appropriate tax” of the following paragraph for paragraph (a): | |
“(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”. | ||
(2) As respects the year of assessment 1995-96 and subsequent years of assessment, section 14 of the Finance Act, 1993 , is hereby amended, by the insertion, in subsection (3), of the following proviso: | ||
“Provided that the said Chapter shall apply as aforesaid as if, in relation to relevant interest payable in respect of a relevant deposit or relevant deposits held in a special savings account, the rate of appropriate tax were 10 per cent.”. |