Income Tax Act 2007 section 894

Treasury directions

Section 894 enables the Treasury to direct that certain government securities, including Northern Ireland securities, are treated as gross-paying government securities, meaning interest can be paid without deduction of income tax at source.

• The Treasury may direct that securities issued under the National Loans Acts 1939 and 1968 are gross-paying government securities, so interest is paid without tax deducted
• At the request of the Department of Finance and Personnel for Northern Ireland, the Treasury may also classify Northern Ireland securities issued under the Exchequer and Financial Provisions Act (Northern Ireland) 1950 as gross-paying government securities
• Where Northern Ireland securities are given gross-paying status, references to "the Registrar" in related provisions are read as the bank where the securities are registered, and references to "the Treasury" are read as the Department of Finance and Personnel for Northern Ireland
• A Treasury direction may specify that it only takes effect for interest payments made on or after a particular date stated in the direction