- Latest available (Revised)
- Original (As enacted)
Finance Act 1996
You are here:
- 1996 c. 8
- SCHEDULE 5
- Part VI
- Interest on under-declared tax
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)
- Show Timeline of Changes
Opening Options
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1996. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:
Changes and effects
This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.
- Act modified by S.I. 2006/964 reg. 95 (This SI is amended by SI 2009/2036 reg. 30)
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 43l(l) and word inserted by S.I. 2006/1054 Sch. 1 para. 2(b)
- s. 54A-54G inserted by S.I. 2009/56 Sch. 1 para. 235
- s. 65A inserted by 2009 c. 10 Sch. 60 para. 2
- s. 85A repealed by 2009 c. 4 Sch. 1 para. 409 Sch. 3 Pt. 1
- s. 85A 85B substituted for s. 85 86 by 2004 c. 12 Sch. 10 para. 3
- s. 85A(1) text amended by 2006 c. 25 Sch. 6 para. 11
- s. 85B repealed by 2009 c. 4 Sch. 1 para. 410 Sch. 3 Pt. 1
- s. 85B(1) modified by S.I. 2005/3422 reg. 9(5)
- s. 85B(1)(a) text amended by 2005 c. 7 Sch. 4 para. 26(2)
- s. 85B(2) substituted by 2005 c. 7 Sch. 4 para. 26(3)
- s. 85B(3)(a) text amended by 2005 c. 7 Sch. 4 para. 26(4)(a)
- s. 85B(3)(b) text amended by 2005 c. 7 Sch. 4 para. 26(4)(b)
- s. 85B(6) repealed by 2005 c. 22 Sch. 11 Pt. 2(6)
- s. 85C inserted by 2006 c. 25 Sch. 6 para. 12(1)
- s. 85C repealed by 2009 c. 4 Sch. 1 para. 411 Sch. 3 Pt. 1
- s. 85C(1)(c) text amended by 2007 c. 11 Sch. 5 para. 11(2)(a)
- s. 85C(1)(d)(e) text amended by 2007 c. 11 Sch. 5 para. 11(2)(b)
- s. 85C(2) text amended by 2007 c. 11 Sch. 5 para. 11(3)
- s. 90A inserted by 2004 c. 12 Sch. 10 para. 8
- s. 90A repealed by 2009 c. 4 Sch. 1 para. 416 Sch. 3 Pt. 1
- s. 91A inserted by 2005 c. 22 Sch. 7 para. 10(1)(2)
- s. 91A repealed by 2009 c. 4 Sch. 1 para. 417 Sch. 3 Pt. 1
- s. 91A(1) text amended by 2006 c. 25 Sch. 6 para. 13(2)
- s. 91A(2) text amended by 2006 c. 25 Sch. 6 para. 13(3)
- s. 91A(2)(b) text amended by 2008 c. 9 Sch. 22 para. 6(1)(a)
- s. 91A(2A) inserted by 2008 c. 9 Sch. 22 para. 7(2)
- s. 91A(3)(4) text amended by 2008 c. 9 Sch. 22 para. 7(3)
- s. 91A(4) text amended by 2007 c. 11 Sch. 5 para. 12(2)
- s. 91A(5)(a) text amended by 2006 c. 25 Sch. 6 para. 13(4)(a)
- s. 91A(5)(b) text amended by 2006 c. 25 Sch. 6 para. 13(4)(b)
- s. 91A(5A) inserted by 2006 c. 25 Sch. 6 para. 13(5)
- s. 91A(7) text amended by 2008 c. 9 Sch. 22 para. 10(2)
- s. 91A(7)(a) omitted by 2008 c. 9 Sch. 22 para. 19(2)(a)
- s. 91A(8)(b) text amended by 2008 c. 9 Sch. 22 para. 10(3)
- s. 91A(11) inserted by 2007 c. 11 Sch. 5 para. 12(3)
- s. 91B inserted by 2005 c. 22 Sch. 7 para. 10(3)
- s. 91B repealed by 2009 c. 4 Sch. 1 para. 418 Sch. 3 Pt. 1
- s. 91B(1) text amended by 2006 c. 25 Sch. 6 para. 14(2)
- s. 91B(2) text amended by 2006 c. 25 Sch. 6 para. 14(3)
- s. 91B(2)(b) text amended by 2008 c. 9 Sch. 22 para. 6(1)(b)
- s. 91B(2A) inserted by 2008 c. 9 Sch. 22 para. 8(2)
- s. 91B(3)(4) text amended by 2008 c. 9 Sch. 22 para. 8(3)
- s. 91B(4) text amended by 2007 c. 11 Sch. 5 para. 13(2)
- s. 91B(5)(a) text amended by 2008 c. 9 Sch. 22 para. 13(1)
- s. 91B(6A) inserted by 2008 c. 9 Sch. 22 para. 8(4)
- s. 91B(8) inserted by 2007 c. 11 Sch. 5 para. 13(3)
- s. 91C-91E inserted by 2005 c. 22 Sch. 7 para. 10(4)
- s. 91C repealed by 2009 c. 4 Sch. 1 para. 419 Sch. 3 Pt. 1
- s. 91C(1) text amended by 2008 c. 9 Sch. 22 para. 11(2)
- s. 91C(3)(c) substituted by 2008 c. 9 Sch. 22 para. 14(1)
- s. 91C(3)(f) substituted by 2007 c. 11 Sch. 14 para. 15
- s. 91C(6) text amended by 2008 c. 9 Sch. 22 para. 11(3)
- s. 91D repealed by 2009 c. 4 Sch. 1 para. 420 Sch. 3 Pt. 1
- s. 91D(2) substituted by 2006 c. 25 Sch. 6 para. 15(2)
- s. 91D(2)(a) text amended by 2008 c. 9 Sch. 22 para. 15(1)
- s. 91D(2)(c) and word inserted by 2008 c. 9 Sch. 22 para. 15(1)
- s. 91D(2A) inserted by 2006 c. 25 Sch. 6 para. 15(3)
- s. 91D(7) text amended by 2006 c. 25 Sch. 6 para. 15(4)
- s. 91D(8) text amended by 2006 c. 25 Sch. 6 para. 15(5)
- s. 91D(11) text amended by 2007 c. 3 Sch. 1 para. 373
- s. 91E repealed by 2009 c. 4 Sch. 1 para. 421 Sch. 3 Pt. 1
- s. 91E(1) text amended by 2008 c. 9 Sch. 22 para. 16(2)
- s. 91E(3) text amended by 2008 c. 9 Sch. 22 para. 16(3)
- s. 91F inserted by 2005 c. 22 Sch. 7 para. 10(5)
- s. 91F repealed by 2009 c. 4 Sch. 1 para. 422 Sch. 3 Pt. 1
- s. 91G inserted by 2005 c. 22 Sch. 7 para. 10(6)
- s. 91G repealed by 2009 c. 4 Sch. 1 para. 423 Sch. 3 Pt. 1
- s. 91H 91I inserted by 2008 c. 9 Sch. 22 para. 17(1)
- s. 91H repealed by 2009 c. 4 Sch. 1 para. 424 Sch. 3 Pt. 1
- s. 91I repealed by 2009 c. 4 Sch. 1 para. 425 Sch. 3 Pt. 1
- s. 93C inserted by 2006 c. 25 Sch. 6 para. 16(1)
- s. 93C repealed by 2009 c. 4 Sch. 1 para. 426 Sch. 3 Pt. 1
- s. 94A inserted by 2004 c. 12 Sch. 10 para. 13
- s. 94A repealed by 2009 c. 4 Sch. 1 para. 428 Sch. 3 Pt. 1
- s. 94A(1) text amended by 2005 c. 7 Sch. 4 para. 28(2)
- s. 94B inserted by 2008 c. 9 Sch. 22 para. 18(1)
- s. 94B repealed by 2009 c. 4 Sch. 1 para. 429 Sch. 3 Pt. 1
- Sch. 9. para. 12E(4) modified by S.I. 2008/1579 Sch. 4 para. 3(d)
Commencement Orders yet to be applied to the Finance Act 1996:
Commencement Orders
This section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/120 art. 2 Sch. commences (2002 c. 29)
- S.I. 2003/708 art. 2 commences (2001 c. 16)
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2005/950 art. 2-4 commences (2003 c. 44)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2005/1909 art. 2 commences (2005 c. 14)
- S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2007/2483 art. 2-4 commences (2007 c. 11)
- S.I. 2007/2532 art. 2 commences (2007 c. 11)
- S.I. 2008/2358 art. 2 3 commences (2008 c. 17)
- S.I. 2008/3068 art. 2-5 commences (2008 c. 17)
- S.I. 2009/402 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/404 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2010/815 art. 2 commences (2009 c. 10)
- S.I. 2010/867 art. 2 commences (2009 c. 10)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))
Interest on under-declared taxE+W+S+N.I.
26(1)Sub-paragraph (2) below applies where—E+W+S+N.I.
(a)under section 50(1) of this Act the Commissioners assess an amount of tax due from a registrable person for an accounting period and notify it to him, and
(b)the assessment is made on the basis that the amount (the additional amount) is due from him in addition to any amount shown in a return made in relation to the accounting period.
(2)The additional amount shall carry interest for the period which—
(a)begins with the day after that on which the person is required by provision made under section 49 of this Act to pay tax due from him for the accounting period, and
(b)ends with the day before the relevant day.
(3)For the purposes of sub-paragraph (2) above the relevant day is the earlier of—
(a)the day on which the assessment is notified to the person;
(b)the day on which the additional amount is paid.
(4)Sub-paragraph (5) below applies where under section 50(2) of this Act the Commissioners assess an amount as being tax due from a registrable person for an accounting period and notify it to him.
(5)The amount shall carry interest for the period which—
(a)begins with the day after that on which the person is required by provision made under section 49 of this Act to pay tax due from him for the accounting period, and
(b)ends with the day before the relevant day.
(6)For the purposes of sub-paragraph (5) above the relevant day is the earlier of—
(a)the day on which the assessment is notified to the person;
(b)the day on which the amount is paid.
(7)Interest under this paragraph shall be payable at the rate applicable under section 197 of this Act.
(8)Interest under this paragraph shall be paid without any deduction of income tax.
(9)Sub-paragraph (10) below applies where—
(a)an amount carries interest under this paragraph (or would do so apart from that sub-paragraph), and
(b)all or part of the amount turns out not to be due.
(10)In such a case—
(a)the amount or part (as the case may be) shall not carry interest under this paragraph and shall be treated as never having done so, and
(b)all such adjustments as are reasonable shall be made, including adjustments by way of repayment by the Commissioners where appropriate.
Options/Help
Print Options
Print The Whole Act
Print The Whole Schedule
Print The Whole Part
Print This Cross Heading only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules only you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources