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Annual payments and interest

In: St. James’s Place Tax Guide 2002–2003

Author

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  • 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 (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.

Suggested Citation

  • Walter Sinclair, 2002. "Annual payments and interest," Palgrave Macmillan Books, in: St. James’s Place Tax Guide 2002–2003, chapter 4, pages 25-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28771-6_4
    DOI: 10.1057/9780230287716_4
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