Taxes Management Act 1970 (c. 9)

PART IX U.K. INTEREST ON OVERDUE TAX

Modifications etc. (not altering text)

C1 Pt. IX modified by The Income Tax (Entertainers and Sportsmen) Regulations 1987 (S.I. 1987/530), reg. 11(3)

C2 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)

C3 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)

C4 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

90 Disallowance of relief for interest on tax. U.K.

[F1 (1)] Interest payable under this Part of this Act

[F1 (a)] shall be paid without any deduction of income tax and

[F1 (b)] [F2 subject to subsection (2) below,] shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.

[F3 (2) 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.]

Textual Amendments

F1 S. 90(1)(a)(b) renumbered (31.7.1998) by Finance Act 1998 (c. 36), s. 33(2)

F2 Words in s. 90(1)(b) inserted (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 1998 (c. 36), s. 33(3)

F3 S. 90(2) added (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 1998 (c. 36), s. 33(4)

Modifications etc. (not altering text)

C5 S. 90 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para.11(5)

C6 S. 90 applied (with modifications) by the Oil Taxation Act 1975 (c. 22), s. 1, Sch. 2 para. 1(1)

C7 S. 90 applied by Finance Act 1988 (c. 39), Sch. 5 para. 3(4) (repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1)

C8 Ss. 90, 91 applied (E.W.) (1.4.2000) by Education (Student Loans) (Repayment) Regulations 2000 (S.I. 2000/944), regs. 1(1), 25(2)

C9 Ss. 90, 91 applied (N.I.) (1.4.2000) by The Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2000 (S.R. 2000/121), regs. 1, 25(2)