ARTICLE · 10 OCTOBER 2012

Weekly Tax Update - Monday 8 October 2012

Smith & Williamson

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HMRC has published a summary of the responses received to the consultation on possible changes to the income tax rules on interest.

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Richard Mannion

1. GENERAL NEWS

1.1. Changes to the income tax rules on interest

HMRC has published a summary of the responses received to the consultation on possible changes to the income tax rules on interest which includes the proposals that Government intends to take forward.

The aim of the consultation was to seek views on possible changes to the charge to income tax on interest under Part 4 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA), and the requirement to deduct income tax from interest and other payments in accordance with Part 15 of the Income Tax Act 2007 (ITA). The consultation document made proposals for changes to the following aspects of the taxation of interest:

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