Taxes Consolidation Act, 1997

Annexation of statements to interest warrants, etc.

[ITA67 s458; CTA76 s140(1) and Sch2 PtI par25]

1091.—(1) In this section, “company” means a company within the meaning of the Companies Act, 1963 , and a company created by letters patent or by or in pursuance of any statute.

(2) Every warrant, cheque or other order sent or delivered for the purpose of paying any interest which is not a distribution within the meaning of the Corporation Tax Acts by a company which is entitled to deduct income tax from such interest shall have annexed to it, or be accompanied by, a statement in writing showing—

(a) the gross amount which, after deduction of the income tax appropriate to such interest, corresponds to the net amount actually paid,

(b) the rate and amount of income tax appropriate to such gross amount, and

(c) the net amount actually paid.

(3) A company which fails to comply with subsection (2) shall incur a penalty of £10 in respect of each offence but the aggregate amount of the penalties imposed under this section on any company in respect of offences connected with any one payment or distribution of interest shall not exceed £100.