1535.This section treats discounts taxed under Schedule D Case III(b) as interest. It is based on section 18 of ICTA.
1536.Although section 18 of ICTA includes discounts as a separate category of charge without treating them as interest, this section provides for them to be charged as if they were interest. See Change 83 in Annex 1.
Commentary on Sections Structure of Chapters Overview Section 381: Discounts