Taxes Management Act 1970

69 Interest on tax. U.K.

[F1 A penalty imposed under Part II, VA or X of this Act [F2 or under Schedule 18 to the Finance Act 1998], a surcharge imposed under Part VA of this Act and interest charged under Part IX of this Act] [F3 or recoverable under section 826(8A) of the principal Act as if it were interest so charged] shall be treated for the purposes—

(a) of sections 61, 63 and 65 to 68 above , and

(b) of section 35(2)(g)(i) of the Crown Proceedings Act 1947 (rules of court to impose restrictions on set-off and counterclaim where the proceedings or set-off or counterclaim relate to taxes) and of any rules of court (including county court rules) for England and Wales or Northern Ireland, which impose such a restriction, and

(c) of section 35(2)(b) of the said Act of 1947 as set out in section 50 of that Act (which imposes corresponding restrictions in Scotland),

as if it were tax charged and due and payable under the assessment to which it relates [F4 or, [F5 if it is a penalty or surcharge imposed in respect of, or if it is interest on, tax] which is not in fact assessed, [F6 or if it is interest recoverable under section 826(8A) of the principal Act,] as if it were tax charged and due and payable under an assessment].

Textual Amendments

F1 Words in s. 69 substituted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 20(a); S.I. 1998/3173, art. 2

F2 Words in s. 69 inserted (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 31; S.I. 1998/3173, art. 2

F3 Words in s. 69 inserted (with effect in accordance with Sch. 4 para. 3(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 3(2)(a)

F4 Words in s. 69 added (30.9.1993) by Finance (No. 2) Act 1987 (c. 51), ss. 86(1), 95(2)(3); S.I. 1992/3066, art. 2(2)(a)

F5 Words in s. 69 substituted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 20(b); S.I. 1998/3173, art. 2

F6 Words in s. 69 inserted (with effect in accordance with Sch. 4 para. 3(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 3(2)(b)

Modifications etc. (not altering text)

C1 S. 69 applied (with modifications) by the Oil Taxation Act 1975 (c. 22), s. 1, Sch. 2 para. 1(1)

C2 S. 69 applied (with modifications) by Finance Act 1981 (c. 35), s.134, Sch.17 para.18 (special tax on banking deposits).

C3 S. 69 modified by Finance Act 1989 (c. 26), s. 157(5)

C4 S. 69 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Stamp Duty (Collection and Recovery of Penalties) Regulations 1999 (S.I. 1999/2537), regs. 1(1), 3(1), Sch. Pt. I

C5 S. 69 applied (E.W.) (1.4.2000) by Education (Student Loans) (Repayment) Regulations 2000 (S.I. 2000/944), regs. 1(1), 52

C6 S. 69 applied (N.I.) (1.4.2000) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 1, 52