31.   Some sight accounts still do not pay interest.

32.   Other sight accounts, however, do pay interest at a rate only slightly below that on time accounts.

33.   Increasingly, sight deposits pay interest.

34.   He may even be compelled to pay interest on arrears of rent even though he did not know that the rent was in arrear.

35.   In the absence of a distribution, loan or other payment from Target, Newco will have no funds out of which to pay the interest.

36.   Immediately after the buy-out Newco will be paying interest on its loan finance in priority to dividends on its shares.

37.   Finally, the condition provides that interest shall be paid on stakeholder deposits to the seller on completion.

38.   The Revenue contended that there was an element of bounty because there was no obligation upon the company to pay interest.

39.   That interest is paid in an income form to a UK beneficiary.

40.   The proposed transaction should succeed in its object of ensuring that the monies used to pay the interest on the borrowings will not be taxable upon the borrower.