- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Interest is payable on the stamping of an instrument which—
(a) is chargeable with ad valorem duty, and
(b)is not duly stamped within 30 days after the day on which the instrument was executed (whether in the United Kingdom or elsewhere).
(2)Interest is payable on the amount of the unpaid duty from the end of the period of 30 days mentioned in subsection (1)(b) until the duty is paid.
If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.
(3)Interest shall be calculated at the rate applicable under section 178 of the M1Finance Act 1989 (power of Treasury to prescribe rates of interest).
(4)The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.
No interest is payable if that amount is less than £25.
(5)Interest under this section shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.]
Modifications etc. (not altering text)
Click 'View More' or select 'More Resources' tab for additional information including: