(1)Subject to the provisions of this section, where in the case of capital gains tax paid by or on behalf of an individual for a year of assessment [F1a repayment of that tax is made by the Board or an officer of the Board], the repayment shall be increased under this section by an amount (“a repayment supplement”) equal to interest on the amount repaid at the rate applicable under section 178 of the M1Finance Act 1989 for the period (if any) between the relevant time and [F2the date on which] the order for the repayment is issued.
[F3(2)For the purposes of subsection (1) above, the relevant time is either the 31st January next following the year of assessment for which the tax was payable or, if later, the date on which the tax was paid.]
(3)A repayment supplement shall not be payable under this section in respect of a repayment or payment made in consequence of an order or judgment of a court having power to allow interest on the repayment or payment.
(4)Subsections (1) to (3) above shall apply in relation to a [F4trust or], the personal representatives of a deceased person as such (within the meaning of section 701(4) of that Act) as they apply in relation to an individual.
F5(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 283(1) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(1)(a)
F2Words in s. 283(1) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(1)(b)
F3S. 283(2) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(2)
F4Words in s. 283(4) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(3)
F5S. 283(5) repealed (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(4), Sch. 26 Pt. V(23)
Marginal Citations