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Interest payable out of rates.
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106.—(1) Where any creditor on any rates or assessments not chargeable as profits is entitled to any interest of money, the proper officer having the management of the accounts may be charged with the tax payable thereon, and shall be answerable for all matters necessary to enable the tax to be duly charged and for payment thereof, as if the rates or assessments were profits chargeable to tax, and shall be, in like manner, indemnified in respect of all such matters as if the said rates or assessments were chargeable.
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(2) Where—
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(a) the proper officer having the management of the accounts of a body may be charged with tax as aforesaid for any year of assessment, and
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(b) in that year that body occupies any property, in respect of which any tax under Schedule A for that year would, but for this subsection, be ultimately borne by that body,
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then, in computing the amount on which the said proper officer may be so charged for that year, a deduction shall be made of a sum equal to whichever of the following is the lesser—
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(i) the amount on which, but for this subsection, the said proper officer might so be charged,
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(ii) the net amount on which the tax, referred to in paragraph (b) would, but for this subsection, be ultimately borne by that body.
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