Section 756A | Interest on certain deposits of victims of National-Socialist persecution

(1)No liability to income tax arises in respect of interest which is paid—

(a)to or in respect of a victim of National-Socialist persecution,

(b)under a qualifying compensation scheme, and

(c)for a qualifying purpose in respect of a qualifying deposit of the victim.

(2)A scheme is a qualifying compensation scheme if—

(a)it is constituted (whether under the law of any part of the United Kingdom or elsewhere) by an instrument in writing, and

(b)the purpose of the scheme, or one of its purposes, is to make payments of interest to or in respect of victims of National-Socialist persecution for qualifying purposes in respect of qualifying deposits.

(3)Interest is paid for a qualifying purpose in respect of a deposit if—

(a)it is paid for meeting a liability in respect of interest on the deposit, or

(b)it is paid for compensating for the effects of inflation on the deposit.

(4)In relation to a victim of National-Socialist persecution, a deposit is a qualifying deposit if it was made—

(a)by, or on behalf of, the victim, and

(b)on or before 5th June 1945.

(5)In this section “deposit” has the same meaning as in Chapter 19 of Part 15 of ITA 2007 (see section 983 of that Act)