Finance Act 2016

9 (1) Section 87 (interest on unpaid tax) is amended as follows. U.K.

(2) In subsection (3)—

(a) in paragraph (a)—

(i) omit “or” at the end of sub-paragraph (ii), and

(ii) after sub-paragraph (ii) insert—

“(iia) paragraph 5, 7 or 8 of Schedule 7A (PAIF seeding relief),

(iib) paragraph 13, 17 or 18 of Schedule 7A (COACS seeding relief), or”;

(b) after paragraph (aza) insert—

“(azb) in the case of an amount payable under paragraph 6(3) of Schedule 7A (PAIF seeding relief: portfolio test), the first time mentioned in paragraph 6(3)(a) or (b) at which the portfolio test was not met;

(azc) in the case of an amount payable under paragraph 14(1) of Schedule 7A (COACS seeding relief: genuine diversity of ownership condition) because the genuine diversity of ownership condition was not met at a time mentioned in paragraph 14(1)(b) or (c), the first time mentioned in paragraph 14(1)(b) or (c) at which that condition was not met;

(azd) in the case of an amount payable under paragraph 16(3) of Schedule 7A (COACS seeding relief: portfolio test), the first time mentioned in paragraph 16(3)(a) or (b) at which the portfolio test was not met;”.

(3) In subsection (4), for “means—” to the end substitute “ has the same meaning as in section 81(4). ”