Related Commentary  Related CasesRelated HMRC Manuals

874(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.

874(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 in force for the tax year in which it is made.

874(3)  But see–

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