Commentary

D7.715 Deduction of tax from interest paid

Corporate tax
Corporate tax | Commentary

D7.715 Deduction of tax from interest paid

Corporate tax | Commentary

Payments made on relevant investments

D7.715 Deduction of tax from interest paid

The provisions in this article were repealed for interest paid or credited on or after 6 April 2016. For details see Division A4.4.

Banks and other deposit-takers (see D7.701) must deduct tax at source from interest paid or credited on relevant investments and account for the amount deducted to HMRC1, unless (broadly) the recipient of the interest has provided a certificate of non-liability to income tax.

The rate at which the deduction is made is:

  1.  

    (a)     for 2008/09 onwards, basic rate

  2.  

    (b)     for 2007/08, savings rate (20%) but

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