Taxes Management Act 1970

[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)