Part 7Administration
Interest
I4I18I16C5C3I11I1C12I12I8I10I21C4C13I22C10C6I15C9I9I3I20I17I7I13I14I2I5C15C1I6I19C14101Late payment interest on sums due to HMRC
1
This section applies to any amount that is payable by a person to HMRC under or by virtue of an enactment.
2
But this section does not apply to—
a
an amount of corporation tax,
b
an amount of petroleum revenue tax, or
c
an amount of any description specified in an order made by the Treasury.
3
An amount to which this section applies carries interest at the late payment interest rate from the late payment interest start date until the date of payment.
C8C11C2C74
The late payment interest start date in respect of any amount is the date on which that amount becomes due and payable.
5
In Schedule 53—
a
Part 1 makes special provision as to the amount on which late payment interest is calculated,
b
Part 2 makes special provision as to the late payment interest start date,
c
Part 3 makes special provision as to the date to which late payment interest runs, and
d
Part 4 makes provision about the effect that the giving of a relief has on late payment interest.
6
Subsection (3) applies even if the late payment interest start date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.
7
Late payment interest is to be paid without any deduction of income tax.
8
Late payment interest is not payable on late payment interest.
9
For the purposes of this section any reference to the payment of an amount to HMRC includes a reference to its being set off against an amount payable by HMRC (and, accordingly, the reference to the date on which an amount is paid includes a reference to the date from which the set-off takes effect).
F110
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F211
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