Taxes Management Act 1970 (c. 9)

[F1 PART VA U.K. Payment of Tax]

Textual Amendments

F1 Pt. 5A inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 192 (with s. 198(1)); S.I. 1998/3173, art. 2

Modifications etc. (not altering text)

C1 Pt. 5A modified (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 18 para. 39(2)(a) (with Sch. 18 para. 59(2)); S.I. 1998/3173, art. 2

C2 Pt. 5A applied (with modifications) (E.W.S.) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), reg. 62(4) (as amended (with application in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/661, regs. 1(1), 5)

C3 Pt. 5A applied in part (with modifications) by the Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)-(3) (as substituted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para 3)

C4 Pt. 5A applied in part (with modifications) by the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)-(3) (as substituted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para 12)

C5 Pt. 5A applied (with modifications) (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 79(4)

[F2 Managed payment plans] U.K.

Textual Amendments

F2 S. 59G cross-heading inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 3

[F3 59H Balancing of instalments for the purposes of section 59G U.K.

(1) Subsection (2) applies for the purposes of section 59G(2)(b).

(2) The instalments to be paid before the due date are balanced by those to be paid after it if the time value of the instalments to be paid before that date is equal, or approximately equal, to the time value of the instalments to be paid after it.

(3) The time value of the instalments to be paid before the due date is the total of the time value of each of the instalments to be paid before that date (and the time value of the instalments to be paid after that date is to be read accordingly).

(4) The time value of an instalment is—

where—

A is the amount of the instalment, and

T is the number of days before, or after, the due date that the instalment is to be paid.

(5) The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for the purpose of determining when an amount is approximately equal to another amount.

(6) Regulations under this section may make different provision for different cases.]

Textual Amendments

F3 Ss. 59G, 59H inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 80 (with Sch. 9 paras. 1-9, 22)