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5. After regulation 29 of the Principal Regulations there shall be inserted—
“29A. (1) Where:—
(a)an employer has not paid an amount of tax to the Collector under Regulation 26, and
(b)the Inspector, at any time after 19th April 1988, makes a determination of the amount of such tax under Regulation 29, and
(c)tax is payable pursuant to that determination,
the tax so payable shall carry interest at the prescribed rate from the reckonable date until payment.
(2) Subject to paragraph (3) of this Regulation, “reckonable date” in this Regulation means the 14th day after the end of the year to which the determination relates and, for the purposes of this Regulation, where tax payable by the employer for any one or more income tax months is covered by a determination, that determination shall relate to the year of which that month or months forms or form part.
(3) Where, at any time after 19th April 1988, an Inspector makes a determination that relates to a year earlier than the year ending on 5th April 1988, then tax payable in accordance with that determination shall carry inerest at the prescribed rate from 19th April 1988 until payment and in those circumstances that date shall be the reckonable date.
(4) In this Regulation “the presecribed rate” has the same meaning as in section 89 of the Taxes Management Act 1970(1) as from time to time increased or decreased by the Treasury in accordance with that section for the purposes of section 86 of that Act; any such increase or decrease shall apply to interest for periods beginning on or after the date when the order is expressed to come into force, whether or not interest runs from before that date.
(5) The tax payable to which paragraph (1) of this Regulation applies shall carry interest from the reckonable date even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882(2).
(6) Interest payable under this Regulation shall be recoverable as if it were an amount of tax which an employer is liable under Regulation 26 to pay to the Collector.”.
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