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Annual interest and other payments

In: St. James’s Place Wealth Management Tax Guide 2012–2013

Author

Listed:
  • Walter Sinclair
  • Barry Lipkin

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.

Suggested Citation

  • Walter Sinclair & Barry Lipkin, 2012. "Annual interest and other payments," Palgrave Macmillan Books, in: St. James’s Place Wealth Management Tax Guide 2012–2013, chapter 0, pages 20-25, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29080-9_4
    DOI: 10.1057/9781137290809_4
    as

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