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Annual payments and interest

In: Tax Guide 2000–2001

Author

Listed:
  • Walter Sinclair

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. 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.

Suggested Citation

  • Walter Sinclair, 2000. "Annual payments and interest," Palgrave Macmillan Books, in: Tax Guide 2000–2001, chapter 4, pages 26-32, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59579-8_4
    DOI: 10.1057/9780230595798_4
    as

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