Annual interest and other payments

Walter Sinclair and Barry Lipkin

Chapter Chapter 4 in St. James’s Place Wealth Management Tax Guide 2012–2013, 2012, pp 20-25 from Palgrave Macmillan

Abstract: Abstract It is important as an individual taxpayer to ascertain whether or not you have an obligation to deduct income tax from any interest or other recurring payments which you propose to make. Subject to the detailed rules, a useful guideline is to check the position before making payments to overseas residents or any payments (other than UK interest) which are for commercial purposes. This chapter surveys the history of income tax relief for business and personal interest payments. Although the tax law rewrite, which ran from 2003 to 2010, removed the long-standing terms ‘charges on income’ and ‘income brought into charge’, the principle of deducting tax from certain payments and accounting for it was preserved, where necessary substituting statutory provisions for old case law. For income tax purposes these changes applied from 6 April 2007 and this chapter now reflects the pattern of the current legislation.

Keywords: Interest Payment; Annual Payment; Life Annuity; Deduction Rate; Individual Taxpayer (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1057/9781137290809_4

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