1.Section 104 sets out the definition of the terms used in sections 100-102 and their associated Schedules and how the legislation would come into force.
2.Subsection (1) defines a number of terms used in these sections and Schedules.
3.Subsection (2) provides the definition for the date when an amount becomes due and payable.
4.Subsection (3) and (4) provide that the legislation will come into force on a day or days appointed by HM Treasury in an order made by them and that different commencement days may be used for different provisions or for different purposes.
5.Subsections (5) and (6) provide that HM Treasury may by order make any consequential, transitional and incidental changes to interest legislation as necessary. This may cover amendments necessary to ensure that the legislation is correctly implemented and provides continuity of cover for interest and includes a power to amend any primary or secondary legislation.
6.Subsection (8) specifies which orders and regulations are to be provided by statutory instrument.
7.Subsection (9) requires that any Statutory Instrument so made may be subject to annulment by the House of Commons (the negative procedure).
8.This section provides the full definition of all terms quoted throughout the legislation. In addition the section provides for any amendments, repeals or general changes which may need to be made, prescribing how and in which manner such changes can be made.
9.This section provides for the commencement of the new harmonised interest regimes by a series of orders over time, so providing for a phased introduction. This is particularly relevant for those taxes where interest is not currently applied. This will allow time to ensure that clear guidance is available for taxpayers and their advisors and that HM Revenue & Customs’ staff are trained in the new rules so that effective advice can be given to taxpayers.
10.The section also provides for a definition of the process for introducing any orders and how and when any orders would be introduced or annulled.