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Income Tax (Trading and Other Income) Act 2005

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

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Version Superseded: 01/04/2009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Point in time view as at 05/12/2005.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. Help about Changes to Legislation

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 interestDescription of tax, levy or duty
Interest under any provision of Part 9 of TMA 1970Income 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 1994Value added tax
Interest under section 74 of VATA 1994 
Penalty under any of sections 8 to 11 of FA 1994Excise duties
Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994Insurance premium tax
Interest under paragraph 21 of that Schedule 
Penalty under any provision of Part 5 of Schedule 5 to FA 1996Landfill tax
Interest under paragraph 26 or 27 of that Schedule 
Penalty under any provision of Schedule 6 to FA 2000Climate 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 2001Aggregates 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 2003Customs, export and import duties
Penalty under any provision of Part 4 of FA 2003Stamp 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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