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Changes over time for: Cross Heading: Penalties, interest and VAT surcharges


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
Status:
Point in time view as at 05/12/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Cross Heading: Penalties, interest and VAT surcharges.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Penalties, interest and VAT surchargesU.K.
54Penalties, interest and VAT surchargesU.K.
(1)In calculating the profits of a trade, 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 |
---|
Interest under any provision of Part 9 of TMA 1970 | Income tax, capital gains tax and corporation tax |
Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) | |
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 | |
(3)In calculating the profits of a trade, no deduction is allowed for any surcharge under section 59 of VATA 1994.
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