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Home / Simons-Taxes /Administration and compliance /Part A4 Returns, assessment and collection /Division A4.4 Deduction of tax at source /Deduction of tax from interest / A4.424 Deduction of tax from yearly interest—requirement to deduct
Commentary

A4.424 Deduction of tax from yearly interest—requirement to deduct


Administration and compliance

ITA 2007, s 874 requires tax to be deducted from specified payments of yearly interest made:

  1. Ìý

    (a)ÌýÌýÌýÌý by a company

  2. Ìý

    (b)ÌýÌýÌýÌý by a local authority

  3. Ìý

    (c)ÌýÌýÌýÌý by or on behalf of a partnership of which a company is a member, or

  4. Ìý

    (d)ÌýÌýÌýÌý by any person to a person whose usual place of abode is outside the UK

The deduction must be made by the person 'by or through' whom it is made. See SAIM9078 for HMRC guidance on where the duty to deduct will fall where interest is paid through a chain of UK-resident intermediaries to a person whose usual abode is outside the UK.

The interest must arise in the UK1. No account is taken of the location of any

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