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Net Rate The Society quotes both gross and net interest rates to show the effect of the deduction of income tax. Interest will be paid or credited after deduction of income tax at the lower rate of 20%, unless an appropriate Inland Revenue gross certificate has been registered with the Society. Higher rate taxpayers are required to pay the extra tax due separately. Individuals that are non-taxpayers and have not registered the appropriate Inland Revenue gross certificate can claim repayment of tax from the Inland Revenue.
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