.png)
.png)
HMRC have published a consultation on possible changes to the rules relating to the deduction of income tax at source from interest and similar payments, including patent royalties.
The system for collecting the income tax deducted by companies from these payments requires the submission of a form CT61. The Revenue wonders whether an online ‘return of income tax deducted’ form would reduce administrative burdens for taxpayers.
HMRC are aware of difficulties in applying the rules on the deduction of income tax by individuals and other non-corporate taxpayers from annual payments.
Views are invited on whether the requirement for non-corporate taxpayers to deduct income tax from commercial annual payments could be removed, and whether tax relief for annual payments outside the normal rules for trade deductions continues to be needed.
Views are also invited on whether other arrangements under which income tax is deducted at source could make use of a general ‘return of income tax deducted’ form.
Comments should be sent via email by 28 May 2010.
