PART 6INTEREST

CHAPTER 1INTEREST ON AMOUNTS PAYABLE TO WRA

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Amendments (Textual)

I1157F1Late payment interest on devolved taxes

1

This section applies to an amount of devolved tax—

a

stated in a tax return as—

i

the tax chargeable, or

ii

if the tax return is a further return made by the buyer in a land transaction, the land transaction tax (or additional land transaction tax) payable;

b

payable—

i

as a result of an amendment to a tax return under section 41, 45 or 50;

ii

as a result of a correction to a tax return under section 42;

iii

in accordance with an assessment made in addition to a tax return under section 54 or 55, or

c

payable in accordance with—

i

a determination under section 52, or

ii

an assessment under section 54 or 55,

made in place of a tax return which was required to be made.

F31A

This section also applies to an amount of landfill disposals tax charged by a charging notice issued under section 49 or 50 of LDTA.

2

If the amount is not paid before the late payment interest start date, the amount carries interest (referred to in this Part as “"late payment interest””) at the late payment interest rate for the period—

a

beginning with the late payment interest start date, and

b

ending with the date of payment.

3

The late payment interest start date is —

a

in the case of an amount falling within subsection (1)(a) or (b), the date after the filing date for the tax return;

b

in the case of an amount falling within subsection (1)(c) the date after the filing date for the tax return which was required to be made.

F4c

in the case of an amount falling within subsection (1A), the date immediately after the end of the period specified in section 51 of LDTA.

4

But where section 160 applies the late payment interest start date is the date specified in that section.