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Chapter 2 of Part 15 of ITA 2007 (deduction of income tax at source by deposit-takers and building societies) is amended in accordance with paragraphs 4 to 18.

For the Chapter heading substitute “Meaning of “relevant investment” for purposes of section 876”.

(1)     Section 850 (overview of Chapter) is amended as follows.

(2)     For subsection (1) substitute—

“(1)     This Chapter has effect for the purposes of section 876 (duty under section 874 to deduct tax from payments of yearly interest: exception for deposit-takers).”

(3)     Omit subsection (2) (which introduces sections 851 and 852).

(4)     In subsection (4)(b) (which introduces sections 858 to 870), for “858” substitute “863”.

(5)     In subsection (5) (which introduces sections 871 to 873), for “871 to” substitute “872 and”.

(6)     In subsection (6) (interpretation), for the words from “Chapter—” to “crediting” substitute “Chapter, crediting”.

Omit section 852 (power to disapply section 851).

In section 853(1) (meaning of “deposit-taker”), after “In this Chapter” insert “and section 876”.

In section