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Exemption of income tax in favour of savings banks. 26 & 27 Vict. c. 87.
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36. —(1) Any penny savings bank, or other bank for savings, whether certified under the Savings Banks Act, 1863, or not, shall be entitled to exemption from income tax chargeable under Schedules C. and D. of the Acts relating to income tax in respect of the income of the funds of the savings bank, so far as it is applied in the payment or credit of interest to any depositor not exceeding the sum of five pounds in the year for which exemption is claimed.
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(3) Provided that where interest is paid, or dividends or interest are or is credited without deduction of income tax to a depositor in any savings bank whose income exceeds one hundred and sixty pounds a year, such interest, or dividends or interest, as the case may be, shall be accounted for and charged under the third case of Schedule D. under which profits of an uncertain annual value are directed to be charged.
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