Part 20General calculation rules
C1C2Chapter 1Restriction of deductions
Pt. 20 Ch. 1 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 92(4) (with s. 147, Sch. 17)
Miscellaneous
1303C2Penalties, interest and VAT surcharges
1
In calculating profits for any corporation tax purpose, no deduction is allowed for any penalty or interest mentioned in the first column of the following table.
2
This is the table—
Penalty or interest | Description of tax, levy or duty |
|---|---|
Penalty under any of sections 60 to 70 of VATA 1994 | Value added tax |
Interest under section 74 of VATA 1994 | |
Penalty under any of sections 8 to 11 of FA 1994 | Excise duties |
Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 | Insurance premium tax |
Interest under paragraph 21 of that Schedule | |
Penalty under any provision of Part 5 of Schedule 5 to FA 1996 | Landfill tax |
Interest under paragraph 26 or 27 of that Schedule | |
Penalty under any provision of Schedule 6 to FA 2000 | Climate change levy |
Interest under any of paragraphs 70, 81 to 85 and 109 of that Schedule | |
Penalty under any provision of Part 2 of FA 2001 | Aggregates levy |
Interest under any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 to FA 2001 | |
Penalty under section 25 or 26 of FA 2003 | Customs, export and import duties |
Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
Interest under any provision of that Part | |
Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) | Income tax |
F1Penalty under Schedule 24 to FA 2007 | Various taxes and excise duties |
F1Penalty under Schedule 41 to FA 2008 | Various taxes and excise duties |
3
In calculating profits for any corporation tax purpose, no deduction is allowed for any surcharge under section 59 of VATA 1994.
Pt. 20 Ch. 1 applied by 1989 c. 26, s. 85(2BA) (as substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 348(4) (with Sch. 2 Pts. 1, 2))