Interest which was retained by a bank until closure of the account under a firm arrangement to that effect was not taxable as it accrued but only when it came to be due to be paid. Income did not normally arise until it was payable.
Citations:
Gazette 20-May-1998, Times 22-Apr-1998, [1998] 70 TC 682, [1998] STC 567
Statutes:
Income and Corporation Taxes Act 1988 64 70(1)
Jurisdiction:
England and Wales
Corporation Tax, Income Tax
Updated: 14 August 2022; Ref: scu.80848
