Taxes Consolidation Act 1997 section 898B

Interpretation (Chapter 3A)

Section 898B provides the definitions and interpretation rules for the terms used throughout Chapter 3A, which implemented the EU Savings Directive on the taxation of cross-border savings income.

• Defines key terms used in the Chapter, including "paying agent", "interest payment", "securities", "money debt", "relevant territory", and "residual entity", either directly or by cross-reference to other sections
• Distinguishes between residence based on permanent address (used generally in the Chapter) and residence for tax purposes (determined under the law of the territory concerned)
• Provides that the definition of "securities" is drawn broadly to cover government and corporate bonds, loans, and other money debts, but expressly excludes company shares
• Includes a standard interpretative rule aligning the meaning of terms used in the Chapter with those in the EU Savings Directive itself