Income Tax (Trading and Other Income) Act 2005 section 691

National Savings Bank ordinary account interest

Section 691 provided a tax exemption for interest earned on National Savings Bank ordinary accounts, but this provision has been repealed.

  • Section 691 originally exempted interest on National Savings Bank ordinary accounts from income tax.
  • The section was repealed by the Finance Act 2011 (Schedule 26, paragraph 4).
  • The repeal took effect from 19 July 2011.
  • From that date onwards, no tax exemption applies under this section for National Savings Bank ordinary account interest.

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