Income Tax (Trading and Other Income) Act 2005 section 750

Interest from tax reserve certificate

Section 750 dealt with the income tax treatment of interest received when a tax reserve certificate was redeemed, but this provision has since been repealed.

• Section 750 originally provided rules for how interest earned on tax reserve certificates was subject to income tax.
• Tax reserve certificates were instruments that could be purchased from HMRC and later redeemed to pay tax liabilities, with interest accruing in the meantime.
• The section was repealed by the Finance Act 2012 (Schedule 39, paragraph 53(1)(a)).
• The repeal took effect for any tax reserve certificates redeemed on or after 6 April 2013.