HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid.
HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid. Comments are invited by 22 June 2012 on:
a new rule to determine the interest component in compensation payments;
new rules to provide for deduction of tax at source from the interest component in compensation payments;
abolition of the concept of ‘yearly interest’, and a change to the meaning of the term ‘yearly interest arising in the UK’, in relation to deduction of income tax;
a change to the exemption from the requirement to deduct tax from quoted Eurobonds for certain intra-group transactions;
a new rule to put the tax treatment of ‘interest in kind’ beyond doubt; and
a new ‘disguised interest’ rule to address income tax avoidance in relation to interest.
HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid.
HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid. Comments are invited by 22 June 2012 on:
a new rule to determine the interest component in compensation payments;
new rules to provide for deduction of tax at source from the interest component in compensation payments;
abolition of the concept of ‘yearly interest’, and a change to the meaning of the term ‘yearly interest arising in the UK’, in relation to deduction of income tax;
a change to the exemption from the requirement to deduct tax from quoted Eurobonds for certain intra-group transactions;
a new rule to put the tax treatment of ‘interest in kind’ beyond doubt; and
a new ‘disguised interest’ rule to address income tax avoidance in relation to interest.
