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No tax is chargeable on the account manager or his nominee or on the account investor in respect of¹:

1. Ìý

   (a)ÌýÌýÌýÌý interest, dividends, distributions or gains in respect of account investments (excluding any building society bonus)

2. Ìý

   (b)ÌýÌýÌýÌý income deemed to accrue in respect of account investments under the accrued income scheme²

3. Ìý

   (c)ÌýÌýÌýÌý an offshore income gain to which a disposal by any of them of an account investment would otherwise give rise to a charge to tax under the Offshore Funds (Tax) Regulations 2009 reg 17³

4. Ìý

   (d)ÌýÌýÌýÌý a profit on a deeply discounted security held as an account investment⁴

5. Ìý

   (e)ÌýÌýÌýÌý a gain⁵ on a life policy that is an account investment

6. Ìý

   (f)ÌýÌýÌýÌý from 27 December 2005, an alternative finance return paid by a financial institution in accordance with ITA 2007, ss 564A–564Y (Pt 10A)⁶

7. Ìý

   (g)ÌýÌýÌýÌý (from 1 January 2007) a payment under a building society bonus scheme, so far as the payment is calculated by reference to account investments⁷

Interest