874 Duty to deduct from certain payments of yearly interest
Income Tax Act 2007 (2007 c 3) | Legislation

Chapter 3
Deduction from Certain Payments of Yearly Interest

Duty to deduct sums representing income tax

874  Duty to deduct from certain payments of yearly interest

(1)     This section applies if a payment of yearly interest arising in the United Kingdom is made—

(a)     by a company,

(b)     by a local authority,

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

(d)     by any person to another person whose usual place of abode is outside the United Kingdom.

(2)     The person by or through whom the payment is made must, on making the payment, deduct from it a sum representing income tax on it at the [basic rate]

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