PTP TR- Is it possible to override the tax deducted at source for bank interest?
Article ID
kba-02965
Article Name
PTP TR- Is it possible to override the tax deducted at source for bank interest?
Created Date
23rd August 2011
Product
Problem
Is it possible to override the tax deducted at source for interest income?
Resolution
Although it is possible to override the tax deducted at source for interest income within the data entry screen, which will be reflected in the supporting schedules, this will not flow through to the tax calculation. The software must follow the HMRC calculation which takes the net amount of interest from box 1 on page TR3 and multiplies by 100/80 to calculate the gross interest i.e. assumes tax deducted at 20%. If PTP did not follow the HMRC calculation exactly it would cause the return to be rejected.
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