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Finance Act 2022
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- UK Public General Acts
- 2022 c. 3
- SCHEDULE 2
- PART 7
- Paragraph 50
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Late interest
50(1)Section 373(1) of CTA 2009 (late interest treated as not accruing until paid in some cases) does not apply to a qualifying debit.
(2)For the purpose of this paragraph, a debit is “qualifying” if—
(a)it relates to interest payable under a debtor relationship of a QAHC,
(b)the QAHC is party to the relationship for the purposes of its QAHC ring fence business, and
(c)the interest to which the debit relates accrues at a time when the QAHC is a QAHC.
(3)Where a QAHC is party to a debtor relationship partly for the purposes of its QAHC ring fence business and partly for another purpose, sub-paragraph (1) applies only to the proportion of the qualifying debit that is attributable to the QAHC ring fence business (apportioned on a just and reasonable basis).
(4)In this paragraph “debit” and “debtor relationship” are to be construed in accordance with Part 5 of CTA 2009.
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