The Enactment of Extra-Statutory Concessions Order 2011

Life assurance premium relief: repayment supplements

8.  In Part 2 of Schedule 54 to the Finance Act 2009(1) (repayment interest: special provision as to repayment interest start date), after paragraph 9C(2) insert—

“Payments in connection with life assurance premium relief

9D.   In the case of a payment made under paragraph 6(1) of Schedule 14 to ICTA (payment where entitlement to life assurance premium relief has not been given by deduction), the repayment interest start date is 31 January next following the end of the tax year in which the entitlement to relief arose.”.

(1)

2009 c. 10. Sections 101 to 104 of, and Schedules 53 and 54 to, the Finance Act 2009 contain a new regime for the payment of interest, including interest on sums to be paid by Her Majesty’s Revenue and Customs. The new regime will come into force on such day or days as the Treasury may by order appoint (section 104(3)). The new regime will replace existing provisions about interest, including section 824 of the Income and Corporation Taxes Act 1988. Schedule 54 includes a restatement of provisions of that section, which is expected to be repealed by order (section 104(5) and (6)).

(2)

Paragraph 9C was inserted by paragraph 11 of Schedule 9 to the Finance (No. 3) Act 2010 (c. 33).