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Charging with Duty all annual Interest not otherwise charged, and providing for the Payment thereof by the Mode of Deduction.
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CXCII. And be it further enacted, That upon all Annuities, yearly Interest of Money, or other annual Payments, whether such Payments shall be payable within or out of Great Britain, either as a Charge on any Property of the Person or Persons paying the same, or as a Reservation thereout, or as a personal Debt or Obligation by virtue of any Contract, or whether the same shall be received and payable Half-yearly, or at any shorter or more distant Periods, there shall be charged for every Twenty Shillings of the annual Amount thereof the Sum of One Shilling, without Deduction, according to, and under and subject to the Provisions by which the Duty in Schedule (D.) may be charged; provided, that in every Case where the same shall be payable out of Profits or Gains charged by virtue of this Act, no Assessment shall be made upon the Person entitled to such Annuity, Interest, or other annual Payment, but the Whole of such Profits or Gains shall be charged with Duty on the Person liable to such annual Payment, without distinguishing such annual Payment, and the Person so liable to make such annual Payment, whether out of the Profits or Gains charged with Duty, or out of any annual Payment liable to Deduction, or from which a Deduction hath been made, shall be authorized to deduct out of such annual Payment at the Rate of One Shilling for every Twenty Shillings of the Amount thereof, except where the Party to whom the Payment is to be made shall produce a Certificate of Exemption or Abatement, as herein-before is mentioned, authorizing a Deduction at a lower Rate, or exempting the Payment on such Deduction; and the Person or Persons to whom such Payments are to be made, as are liable to Deduction, shall allow such Deduction accordingly upon the Receipt of the Residue of such Money; and the Person charged to the said Duties, or being liable to or having made such Deduction, shall be acquitted and discharged of so much Money as such Deduction shall amount unto, as if the Amount thereof had actually been paid unto the Person or Persons to whom such Payment shall have been due and payable; but in every Case where any annual Payment as aforesaid shall, by reason of the same being charged on any Property or Security in Ireland, or in the British Plantations, or in any other of His Majesty’s Dominions, or on any Foreign Property or Foreign Security, or otherwise, be received or receivable without any such Deduction as aforesaid; or where any such Payment shall be made from Profits or Gains not charged by this Act, or where any Interest of Money shall not be reserved, or charged or payable for the Period of One Year, then and in every such Case there shall be charged upon such Interest, Annuity, or other annual Payment as aforesaid, the Duty before mentioned, according to and under and subject to the several and respective Provisions by which the Duty in Schedule (D.) may be charged, and according to the Rules in the Case applicable thereto.
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