Data gathering: Relevant data-holders and relevant data: Interest etc: Not relevant data
Information relating to the following payments is not relevant data.
- in respect of a certificate of deposit within the meaning given by section 1019 of the Income Tax Act 2007 (ITA 07),
- in respect of an investment or a deposit held by a branch of a person to whom a data-holder notice is issued, where the branch is situated in a territory other than the United Kingdom,
- falling within Regulation 9(c), see CH28650 or 10(d), see CH28660, of SI 2012/847, in respect of which the information that the notice shall not require is the name and address of the person to whom the interest was paid or credited, if other than the person beneficially entitled to the interest,
- in respect of an investment under a plan provided for by regulations made under Chapter 3 of Part 6 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 05),
- to, or a receipt for, a person other than an individual (in whatever capacity the individual is acting), except where the case falls within regulation 9(c) or 10(d) of SI 2012/847
Any other payment, not mentioned above, is also not relevant data where that payment is specified in the notice as being a payment in respect of which information is not required.
Information is not relevant data if it is in respect of a relevant dormant account before the time (if any) at which the balance of the account is paid out to the account-holder following a repayment claim. This means that once the balance of a dormant account is paid out to the account-holder (‘settled’), then all interest paid or credited to that account, during and at the end of the relevant dormant period, is treated as relevant data.
Further rules for dormant accounts are that interest is treated
- as paid at the time the repayment claim is settled,
- as if the bank or building society had retained the balance of the account, in the ordinary course of the operations of its trade or business, and
- if a data-holder notice is given to the bank or building society, specifying the year of assessment in which the relevant dormant period for any account ends, the notice shall (unless it states otherwise) be deemed to require the inclusion of information for all relevant dormant accounts, in respect of which repayment claims were settled in that year.