Valid from 06/04/2005
(1)In calculating the profits of a trade, no deduction is allowed for any penalty or interest mentioned in the first column of the following table.
(2)This is the table—
| Penalty or interest | Description of tax, levy or duty |
|---|---|
| Interest under any provision of Part 9 of TMA 1970 | Income tax, capital gains tax and corporation tax |
| Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) | |
| Penalty under any of sections 60 to 70 of VATA 1994 | Value added tax |
| Interest under section 74 of VATA 1994 | |
| Penalty under any of sections 8 to 11 of FA 1994 | Excise duties |
| Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 | Insurance premium tax |
| Interest under paragraph 21 of that Schedule | |
| Penalty under any provision of Part 5 of Schedule 5 to FA 1996 | Landfill tax |
| Interest under paragraph 26 or 27 of that Schedule | |
| Penalty under any provision of Schedule 6 to FA 2000 | Climate change levy |
| Interest under any of paragraphs 70, 81 to 85 and 109 of that Schedule | |
| Penalty under any provision of Part 2 of FA 2001 | Aggregates levy |
| Interest under any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 to FA 2001 | |
| Penalty under section 25 or 26 of FA 2003 | Customs, export and import duties |
| Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
| Interest under any provision of that Part |
(3)In calculating the profits of a trade, no deduction is allowed for any surcharge under section 59 of VATA 1994.