Related Commentary  Related HMRC Manuals

940(1)  This section applies if an issue of funding bonds is treated as a payment of interest (“the deemed interest”) as mentioned in section 939(1) and–

(a)the person by or through whom the bonds are issued is required to retain bonds under section 939(2), but

(b)it is impracticable for the person to do so.

940(2)  The duty to deduct a sum representing income tax from the deemed interest under this Part does not apply if the person tells the Commissioners for Her Majesty's Revenue and Customs–

(a)the names and addresses of the persons to whom the bonds have been issued, and

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