Income Tax Act 2007 section 970

Supplementary

Section 970 provides supplementary rules for the deposit-taker and building society deduction of tax provisions in sections 966 to 969, covering how payments are treated, HMRC's power to share information, and the definitions of key terms such as "payment" and "transfer".

• A payment from which income tax has been deducted under section 966 is still treated as the full, unreduced amount for the purposes of the Tax Acts.
• An HMRC officer may disclose information to any interested party to help determine whether section 966 applies to a particular payment or transfer, and normal confidentiality obligations do not prevent this.
• The term "payment" includes loans of money, while "transfer" excludes transfers of money but covers temporary transfers (such as loans of assets) and transfers of rights, whether or not those rights relate to money.
• The term "prescribed" in sections 966 to 969 means prescribed by Treasury regulations.