For income tax purposes for 2005–06 onwards, transactions in deposit rights are liable to be charged to income tax under ITTOIA 2005, s. 551(1).

The extent of the charge is the ‘full amount of the profits or gains arising in the tax year’; and the person chargeable is the one receiving or entitled to the profits or gains (ITTOIA 2005, s. 553 and s. 554).

A ‘deposit right’ is (ITTOIA 2005, s. 552(1)):

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