Commentary

D7.810 Deduction of tax from interest paid

Corporate tax
Corporate tax | Commentary

D7.810 Deduction of tax from interest paid

Corporate tax | Commentary

Income tax

D7.810 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The provisions in this article were repealed for interest paid or credited on or after 6 April 2016.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.

As for banks and other deposit takers (see Division D7.7) building societies must deduct tax at source from interest paid or credited on relevant investments and account for the amount deducted to HMRC1, unless the payment falls within one of the stated exceptions (and can therefore be paid gross).

The rate at which the deduction is made is:

  1.  

    (a)     for 2008/09 onwards, basic rate

  2.  

    (b)     for 2007/08, savings rate

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