C2C1C7C8 PART IX INTEREST ON OVERDUE TAX

Annotations:
Modifications etc. (not altering text)
C1

Pt. IX applied (27.7.1993 with effect in relation to the year 1993-94 and subsequent years of assessment) by Finance Act 1993 (c. 34), s. 122(2)(3)

C7

Pt. 9 applied by Taxation of Chargeable Gains Act 1992 (c. 12), s. 281(5)(a) (as substituted (with effect in accordance with Sch. 18 para. 17 of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 paras. 15(2), 17)

C8

Pt. 9 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

C3C4C5C9C690 Disallowance of relief for interest on tax.

F31

Interest payable under this Part of this Act

F3a

shall be paid without any deduction of income tax and

F3b

F2subject to subsection (2) below, shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.

F12

Paragraph (b) of subsection (1) above does not apply in relation to interest under section 87 or 87A of this Act payable by a company within the charge to corporation tax.