Commentary

A4.402 Deposit takers and building societies—general

Administration and compliance

A4.402 Deposit takers and building societies—general

Division A4.4     Deduction of tax at source

For updates affecting this Division please see Part A0 Updates

Deposit-takers and building societies

A4.402 Deposit takers and building societies—general

Deposit-takers and building societies are not required to deduct tax from payments of interest made on and after 6 April 20161. Crediting interest counts as paying it2.

The provisions relating to the deduction of tax at source both by deposit-takers and building societies are contained in ITA 2007, ss 850–873 (Pt 15, Ch 2) and the Income Tax (Deposit-takers and Building Societies) (Interest Payments) Regulations 20083.

The following are 'deposit-takers' for these purposes and for

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