Income Tax Act, 1967.
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Savings Banks. |
337.—(1) Any savings bank certified under the Trustee Savings Bank Acts, 1863 to 1958, shall be entitled to exemption from tax in respect of its interest and dividends— | |
(a) arising from investments with the National Debt Commissioners, and | ||
(b) arising from investments of moneys to the credit of the special account opened in pursuance of section 31 (3) of the Finance Act, 1940 . | ||
(2) Any savings bank, whether certified under the Trustee Savings Bank Acts, 1863 to 1958, or not, shall be entitled to exemption from tax under Schedules C and D in respect of the income of its funds, so far as such income is applied in the payment or credit of interest to any depositor: | ||
Provided that— | ||
(a) any such interest shall be chargeable under Case III of Schedule D; and | ||
(b) where the interest paid or credited to any depositor in the year for which exemption is claimed by the bank exceeds the sum of £5, the bank and any branch thereof shall make a return to the inspector for the district in which the bank or branch is situate of the name and place of residence of every depositor to whom any such sum has been paid or credited, and of the amount thereof, and unless such returns are duly made, the bank shall not be entitled to any relief in respect of any such sums. Any such return shall be made on or before the 1st day of May in the year following that in respect of which exemption is claimed. |