(1)In section 233 of the 1984 Act (interest on unpaid tax) in subsection (1), at the beginning of the words following paragraph (c) there shall be inserted the words “ then, subject to subsection (1A) below ”.
(2)After subsection (1) of that section there shall be inserted the following subsection—
“(1A)If, under section 230 above, the Board agree to accept property in satisfaction of any tax on terms that the value to be attributed to the property for the purposes of that acceptance is determined as at a date earlier than that on which the property is actually accepted, the terms may provide that the amount of tax which is satisfied by the acceptance of the property shall not carry interest under this section from that date.”
(3)This section applies in any case where the acceptance referred to in section 230 of the 1984 Act occurs on or after 17th March 1987.