Income Tax Act 2007 section 857

Investments to be treated as being or as not being relevant investments

Section 857 sets out the rules governing how deposit-takers should determine whether investments held with them are "relevant investments" for tax deduction purposes, and when they must reassess that status.

• Deposit-takers must treat every investment as a relevant investment unless they are satisfied it is not one
• Once satisfied an investment is not relevant, the deposit-taker may continue to treat it as non-relevant until new information comes to light
• The deposit-taker must reassess the status of an investment if it receives information reasonably indicating the investment is or may be a relevant investment
• Building societies are no longer required to obtain separate declarations from certain categories of gross payment recipients, following alignment of the deposit-taker and building society regimes