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Income Tax (Trading and Other Income) Act 2005

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

Commentary on Sections

Part 4: Savings and investment income

Chapter 2: Interest
Section 381: Discounts

1535.This section treats discounts taxed under Schedule D Case III(b) as interest. It is based on section 18 of ICTA.

1536.Although section 18 of ICTA includes discounts as a separate category of charge without treating them as interest, this section provides for them to be charged as if they were interest. See Change 83 in Annex 1.

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