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Corporation Tax Act 2009
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- UK Public General Acts
- 2009 c. 4
- SCHEDULE 2
- Part 21
- Paragraph 142
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Interest on overdue corporation tax etc
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142(1)The repeal by this Act of section 90(1)(b) of TMA 1970 does not affect the following rules.
(2)In calculating profits for any corporation tax purpose, no deduction is allowed for interest payable under section 86 of TMA 1970 (interest on overdue tax for accounting periods ending before 1 October 1993).
(3)In calculating profits for any corporation tax purpose, no deduction is allowed for interest payable under section 87 of TMA 1970 (interest on overdue advance corporation tax and income tax on company payments) or section 87A of TMA 1970 (interest on overdue corporation tax etc) on—
(a)corporation tax for accounting periods ending before 1 July 1999, or
(b)tax assessable in accordance with Schedule 13 or 16 of ICTA for return periods in accounting periods ending before 1 July 1999.
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