tax man?, page-6

re: tax man?-donum Donum,
The interest is tax deductible, i.e. I should clarify, GIC charges are deductible to ordinary taxpayers even if they are not in business, whereas interest paid to the bank in respect of a loan used to pay income tax is only deductible to taxpayers who are in business.
Furthermore, it's deductible in the year incurred, not necesserely paid.