Finance Act 1999

110 Interest on repayment of duty overpaid etc

(1) A payment by the Commissioners to which this section applies shall be paid with interest at the rate applicable under section 178 of the Finance Act 1989 for the period between the relevant time (as defined below) and the date on which the order for the payment is issued.

(2) This section applies to any repayment by the Commissioners of duty, or any penalty on late stamping, under the enactments relating to stamp duty.

• In that case the relevant time is 30 days after the day on which the instrument in question was executed or, if later, the date on which the payment of duty or penalty was made.

(3) This section applies to a repayment by the Commissioners of an amount lodged with them in respect of the duty payable on stamping an instrument if—

(a) the instrument is presented for stamping,

(b) the instrument is duly stamped, and

(c) the repayment is of an amount then repayable.

• In that case the relevant time is 30 days after the day on which the instrument was executed or, if later, the date on which the amount was lodged with the Commissioners.

(4) This section also applies to a money payment made by the Commissioners under section 11 of the [1891 c. 38.] Stamp Duties Management Act 1891 (allowances for spoiled or misused stamps).

• In that case the relevant time is the date on which the duty was paid for the stamp in respect of which the allowance is made.

(5) A payment by the Commissioners under section 12A(2)(b) of that Act (allowances for lost or spoiled instruments) is treated for the purposes of this section as a repayment of the duty or penalty by reference to which it is made.

• In that case the relevant time is the date on which the payment of duty or penalty was made.

(6) No interest is payable under this section if the amount of the payment to which this section applies is less than £25.

(7) No interest is payable under this section in respect of a payment made in consequence of an order or judgment of a court having power to allow interest on the payment.

(8) Interest paid to any person under this section is not income of that person for any tax purposes.

(9) In section 178(2) of the [1989 c. 26.] Finance Act 1989 (enactments for purposes of which Treasury may prescribe rates of interest), after paragraph (o) add— “, and

(p) section 110 of the Finance Act 1999.”.

(10) This section applies in relation to instruments executed on or after 1st October 1999.