A4.427 Other interest

A4.427 Other interest

A payment of share or loan interest by a registered society (prior to 1 August 2014, a registered industrial and provident society) is only made under deduction of tax if it is made to a person whose usual place of abode is outside the UK1. The society must make an annual return to HMRC of all interest exceeding £15 paid without deduction of tax to any recipients, showing the name and address of the recipient (see D7.626)2.

The Treasury may direct that interest paid by a local authority on foreign currency securities may be paid without deduction of

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