Section 369 | Charge to tax on interest

(1)Income tax is charged on interest.

(2)The following sections extend what is treated as interest for certain purposes—

section 372 (building society dividends),

section 373 (open-ended investment company interest distributions),

section 376 (authorised unit trust interest distributions),

section 378A (offshore fund distributions),

section 379 ( payments by registered societies or certain co-operatives ),

section 380 (funding bonds),

section 380A (FSCS payments representing interest), and

section 381 (discounts).

(3)For exemptions, see in particular—

(a)Chapter 2 of Part 6 (national savings income),

(b)Chapter 3 of Part 6 (income from individual investment plans),

(c)Chapter 4 of Part 6 (SAYE interest),

(d)Chapter 6 of Part 6 (income from FOTRA securities),

(e)sections 749 to 756A( repayment interest, interest arising from repayment supplements, ... damages for personal injury, employees' share schemes, repayments of student loans, unpaid relevant contributions, the redemption of funding bonds , certain foreign currency securities and interest on certain deposits of victims of National-Socialist persecution) ...

(f)Repealed

(4)Subsection (1) is also subject to Chapter 3 of Part 12 of ITA 2007 (exemption for interest on securities to which Chapter 2 of that Part applies) .

(5)See also Chapter 3A of Part 14 of ITA 2007 (which provides for the receipts of certain types of company being wound up to be charged to income tax under that Chapter instead of under any other provision that would otherwise apply).