If provision is made for the payment of interest, and that interest is payable without deduction of a sum representing income tax1, then:
(1) if the provision is for the payment of interest 'less tax' (or uses words to similar effect) it is to be read as if those words were not included; and
(2) if the provision is (however worded) for the payment of specified interest to be paid at such a rate (the 'gross rate') that the amount of interest payable at that rate is, after deduction of a sum representing income tax, equal to the amount
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234