Details of the Section
2.Subsections (1) to (3) make amendments to section 239 of the Income Tax Act 2007 so that when relief under the EIS is withdrawn from the taxpayer, the due date for any income tax charged as a result is in line with the general date for income tax under section 59B of the Taxes Management Act 1970.
3.Subsection (4)(a) makes amendments to section 48(1) of FA 1975 so that the interest paid on repayments of estate duty will be paid at the applicable rate under section 178 of FA 1989.
4.Subsection (4)(b) makes amendments to section 235(1) of the Inheritance Tax Act 1984 so that the interest paid on repayments of IHT and capital transfer tax will be paid at the applicable rate prescribed under section 178 of FA 1989.
5.Subsection (5)(a) makes amendments to section 178(2) of FA 1989 so that the rate for interest paid on Estate Duty repayments is directly linked to the rate setting legislation.
6.Subsection (5)(b) makes amendments to section 178(2) of FA 1989 so that the rate for interest paid on IHT and its predecessor capital transfer tax is directly linked to the interest rate setting legislation.
7.Subsection (6) removes the requirement for HMRC to set interest rates by order for those taxes where interest is currently charged.
