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HMRC internal manual

Savings and Investment Manual

Interest: the layout of the guidance

Where there is doubt about whether a payment is interest, or contains an element of interest, guidance must come from case law. SAIM2030 onwards has more on the meaning of ‘interest’.

SAIM2070 onwards gives guidance on interest included in compensation.

ITTOIA05/S369 (1) provides for certain specific statutory inclusions in the tax charge on interest. Guidance is at SAIM2200 onwards.

Exceptions from the charge on interest are set out in ITTOIA05/S369 (2) and explained at SAIM2300 onwards.

SAIM2400 onwards gives guidance on who is chargeable, and the basis on which income tax is charged.

SAIM2500 onwards gives guidance on the tax rules where the right to receive interest is sold to another person.

SAIM2700 onwards gives guidance on the rules for disguised interest.