Annual payments and interest

Walter Sinclair

Chapter 4 in Tax Guide 2001–2002, 2001, pp 25-31 from Palgrave Macmillan

Abstract: Abstract If you make an annual payment it is normally considered for tax purposes as being the income of the recipient and is usually subject to income tax at the basic rate (22 per cent) by deduction at source. You should therefore deduct this tax in making each payment (different rules apply to payments between companies – 13.9.1). You will be allowed to retain all of the tax deducted provided that your income taxed at the basic or higher rate is sufficient to cover the amount of the payment.

Keywords: Interest Payment; Mortgage Interest; Annual Payment; Life Annuity; Main Residence (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230505445_4

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