Commentary

A4.426 Interest paid to a bank

Administration and compliance

A4.426 Interest paid to a bank

A4.426 Interest paid to a bank

A bank is defined for the purposes of ITA 2007, ss 878, 879 as follows1:

  1.  

    •     the Bank of England

  2.  

    •     a person authorised by the Financial Services and Markets Act 2000 to accept deposits, other than a building society, a friendly society, an industrial and provident society or an insurance company

  3.  

    •     the European Investment bank; and

  4.  

    •     an international organisation (of which the UK is a member) designated by the Treasury as a bank

Interest payable on an advance from a bank is not payable under deduction of tax if the person beneficially

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