Taxes Management Act 1970 Schedule 4 paragraph 2

Information about interest paid or credited without deduction of tax by banks, etc.

Schedule 4 paragraph 2 deals with the transitional arrangements for information notices about interest paid on National Savings Bank deposits when responsibility transferred from the Postmaster General to the Director of Savings in October 1969.

• Any information notice served on the Postmaster General before 1 October 1969 that had not yet been complied with was automatically treated as having been served on the Director of Savings instead.
• This ensured continuity of HMRC's power to obtain information about interest paid or credited to National Savings Bank depositors without a gap during the handover.
• For periods before 1 October 1969, references to interest paid or credited by the Director of Savings were read as including interest paid or credited by the Postmaster General.
• The provision preserved the effectiveness of existing notices and maintained a complete record of interest payments across both the old and new administrative regimes.

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