Section 850 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 850 1 This Chapter has effect for the purposes of section 876 (duty under section 874 to deduct tax from payments of yearly interest: exception for deposit-takers). 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Sections 853 to 856 set out some basic concepts, so that—

a section 853 defines “deposit-taker” (and section 854 allows the Treasury by order to prescribe persons as deposit-takers),

b section 855 defines “investment” and “deposit”, and c section 856 explains which investments are relevant investments.

4 Section 856 is subject to—

a section 857 (which sets out when investments must be treated as relevant and when they may be treated as not relevant),

and b sections 863 to 870 (which describe various kinds of investment which are not relevant investments).

5 Sections 872 and 873 contain supplementary provisions.

6 For the purposes of this Chapter, crediting interest counts as paying it.