Taxes Consolidation Act 1997 section 54

Interest, etc paid without deduction of tax under Schedule C

Section 54 provides that where interest, dividends or annuities payable out of public revenue have not been assessed under Schedule C, they may instead be charged under the appropriate Case of Schedule D on the person entitled to receive them.

• Applies to interest, dividends, annuities and shares of annuities payable out of the public revenue of the State, Great Britain, Northern Ireland, or Great Britain and Northern Ireland combined.
• These payments would normally be subject to tax under Schedule C, with tax deducted at source before the recipient receives them.
• Where such payments are not in fact assessed under Schedule C for any year, the tax may instead be charged and assessed under the appropriate Case of Schedule D.
• In that case, the person entitled to receive the payments is directly assessable and liable to pay the tax under Schedule D.