Whilst tax is not deductible from short interest1, where a payment of yearly interest2 arising in the United Kingdom3 is made:
(1) by a company4;
(2) by a local authority5;
(3) by or on behalf of a partnership of which a company is a member; or
(4) by any person to another person whose usual place of abode6 is outside the United Kingdom,
the person by or through whom the payment is made7 must, on making the payment, deduct out of it a sum representing income tax thereon at the basic rate
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