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We act for a charity which runs residential homes for the elderly and disabled. Certain residents are not really capable of looking after their own financial affairs. They deposit their limited resources with our clients and as a result are paid interest. Most of the residents have no other sources of income (save relevant benefits), apart from their state retirement pensions and the like. Some of them are long-term residents and some not so long (due to their reduced life expectancy).
We act for a charity which runs residential homes for the elderly and disabled. Certain residents are not really capable of looking after their own financial affairs. They deposit their limited resources with our clients and as a result are paid interest. Most of the residents have no other sources of income (save relevant benefits), apart from their state retirement pensions and the like. Some of them are long-term residents and some not so long (due to their reduced life expectancy).
Should tax be deducted at source from the interest credited to the residents' deposits with our client?
Query T16,656
