- Latest available (Revised)
- Point in Time (19/07/2013)
- Original (As enacted)
Version Superseded: 22/08/2014
Point in time view as at 19/07/2013.
Income and Corporation Taxes Act 1988, Cross Heading: Miscellaneous is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 817 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 265, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2S. 818 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 203, Sch. 3 Pt. 1 (with Sch. 2)
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3S. 819 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 204, Sch. 3 Pt. 1 (with Sch. 2)
M1 In order to ensure the collection in due time of income tax which may be granted for any year commencing on 6th April, all such provisions contained in the Income Tax Acts as were in force on the preceding day shall have full force and effect with respect to tax which may be so granted, in the same manner as if that tax had been actually granted by Act of Parliament and those provisions had been applied thereto by the Act.
Modifications etc. (not altering text)
C1S. 820 applied (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1)(2), Sch. 2 para. 160
Marginal Citations
M1Source—1970 s.520
M2(1)Where, in any year of assessment [F4or accounting period], any half-yearly or quarterly payments [F5(or half-periodic or quarterly payments)] have been made on account of any interest, dividends or other annual profits or gains, previously to the passing of the Act imposing income [F6or corporation] tax for that year [F7or period], and tax has not been charged thereon or deducted therefrom or has not been charged thereon or deducted therefrom at the rate ultimately imposed for that year [F7or period]—
(a)the amount not so charged or deducted shall be charged [F8in respect of those payments to income tax under Chapter 2 of Part 4 of ITTOIA 2005 (interest) or shall be charged to corporation tax][F9F10. . . F11. . . ; and]
(b)the agents entrusted with the payment of the interest, dividends or other annual profits or gains shall furnish to the Board a list containing the names and addresses of the persons to whom payments have been made and the amount of those payments, upon a requisition made by the Board in that behalf.
(2)Any person liable to pay any rent, interest or annuity, or to make any other annual payment—
(a)shall be authorised—
(i)to make any deduction on account of income tax for any year of assessment which he has failed to make previously to the passing of the Act imposing the tax for that year, or
(ii)to make up any deficiency in any such deduction which has been so made,
on the occasion of the next payment of the rent, interest or annuity or making of the other annual payment after the passing of the Act so imposing the tax, in addition to any other deduction which he may be by law authorised to make; and
(b)shall also be entitled, if there is no future payment from which the deduction may be made, to recover the sum which might have been deducted as if it were a debt due from the person as against whom the deduction could originally have been made if the Act imposing the tax for the year had been in force.
(3)Subsection (2) above shall apply with respect to—
[F12(a)any payment to which section 906 of ITA 2007 applies (certain royalties etc where usual place of abode of owner is abroad), and]
[F13(aa)F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(b)any royalty or other sum paid in respect of the user of a patent; F15. . .
F15(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
as it applies with respect to any rent, interest, annuity or other annual payment.
(4)In this section “interest” and “dividends” do not include any interest or dividend which is a distribution.
Textual Amendments
F4Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(a) (with Sch. 2)
F5Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(b) (with Sch. 2)
F6Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(c) (with Sch. 2)
F7Words in s. 821(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(d) (with Sch. 2)
F8Words in s. 821(1)(a) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(e) (with Sch. 2)
F9Words in s. 821(1)(a) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 22
F10Words in s. 821(1)(a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 266, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F11Words in s. 821(1)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 330(f), Sch. 3 (with Sch. 2)
F12S. 821(3)(a) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 205(a) (with Sch. 2)
F13S. 821(3)(aa) inserted (1.8.1989) by Copyright, Designs and Patents Act 1988 (c. 48), Sch. 7 para. 36(7); S.I. 1989/816 art. 2
F14S. 821(3)(aa) and word repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 205(b), Sch. 3 Pt. 1 (with Sch. 2)
F15S. 821(3)(c) and preceding word repealed (with effect in accordance with Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. 6(2)
Marginal Citations
M2Source—1970 s.521; 1972 Sch.24 29; 1983 s.27.
M3(1)If in any year of assessment (“the year”) a resolution having statutory effect under the Provisional Collection of Taxes Act 1968 provides for the charging of income tax at a [F16lower rate less] than that charged for the previous year, the following provisions of this section shall have effect with respect to deductions in respect of income tax by any body corporate, from payments of interest (not being a distribution) on any of its securities.
(2)Any deduction which was made before the expiration of one month from the passing of the resolution and which would, if the tax had been renewed at the rate imposed for the previous year, have been a legal deduction, shall be deemed to be a deduction rendered legal by section 2 of the Provisional Collection of Taxes Act 1968 and that section shall, subject to this section, apply accordingly.
(3)Any over-deduction to be made good under that section may be made good by a reduction of the amount of tax deducted from the next payment of like nature made on the security in question after the passing of the Act imposing the tax for the year.
(4)Any amount made good under section 2 of the Provisional Collection of Taxes Act 1968 shall—
(a)in the case of an over-deduction which is made good under subsection (3) above, enure to the benefit of the person entitled to the payment on the occasion of which the over-deduction is made good; and
(b)in any other case, enure to the benefit of the person entitled to the security in question at the date when the amount is made good,
irrespective, in either case, of whether or not he is the person who was entitled to the payment, or to the security at the date when the original deduction was made.
(5)Subsection (3) above shall not authorise the retention of any part of the amount over-deducted for more than one year from the passing of the Act imposing the tax for the year.
Textual Amendments
F16Words in s. 822(1) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 23
Marginal Citations
M3Source—1970 s.522; 1971 Sch.6 76; 1972 Sch.24 30
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F17S. 823 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 206, Sch. 3 Pt. 1 (with Sch. 2)
[F18(1)Subject to the following provisions of this section, a repayment made by the Board or an officer of the Board of any of the following, namely—
(a)an amount paid on account of income tax under section 59A of the Management Act;
(b)any income tax paid by or on behalf of an individual for a year of assessment;
[F19(c)a penalty payable under any paragraph of Schedule 56 to the Finance Act 2009 in respect of an amount falling within any of the following items of the Table in paragraph 1 of that Schedule—
(i)item 1, 12, 18 or 19; or
(ii)insofar as the tax falls within item 1, item 17, 23 or 24; and]
(d)a penalty incurred by an individual under any of the provisions of that Act,
shall be increased under this section by an amount (a “repayment supplement”) equal to interest on the amount repaid at the rate applicable under section 178 of the Finance Act 1989 for the period (if any) between the relevant time and the date on which the order for the repayment is issued.]
[F20F21(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(2)[F22M4Subsections (1) F23. . . ] above shall with the necessary modifications apply to a payment of the whole or part of a tax credit as [F24they apply to a repayment falling within subsection (1)] of income tax paid in the year of assessment to which the tax credit relates.
[F25F26(2A)Subsection (1) above shall apply to a repayment made in consequence of a claim under section 228 of the Income Tax Act 1952 (relief in respect of income accumulated under trusts) as if the repayment were of income tax paid by the claimant for the year of assessment in which the contingency mentioned in that section happened.]
[F27(2B)Subsection (1) above shall apply to a payment made by the Board under section 375(8) (payment of amount which borrower would have been able to deduct from interest payment under section 369(1)) as if the payment were a repayment falling within that subsection.]
[F25(2C)Subsection (1) above shall apply to a repayment made by the Board as a result of a claim for relief under—
(a)paragraph 2 of Schedule 1B to the Management Act (carry back of loss relief),
(b)paragraph 3 of that Schedule (relief for fluctuating profits of farming etc.), or
(c)Schedule 4A to this Act (relief for fluctuating profits of creative artists etc.),
as if it were a repayment falling within that subsection.]
[F28(2D)Subsection (1) shall apply—
(a)F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)to a payment made under paragraph 6(1) of Schedule 14 (payment where entitlement to life assurance premium relief has not been given by deduction) as if the payment were a repayment of income tax paid for the tax year in which the entitlement to relief arose.]
[F30(3)For the purposes of subsection (1) above—
[F31(aa)if the repayment is a payment made by the Board under section 375(8), the relevant time is—
(i)if the interest payment was made in the year 1996-97 or a subsequent year of assessment, the 31st January next following that year;
(ii)if the interest payment was made in an earlier year of assessment, the 5th April next following that year;]
[F32(ab)if the repayment is a repayment as a result of a claim for relief under any of the provisions mentioned in subsection (2C) above, the relevant time is the 31st January next following the year that is the later year in relation to the claim;]
[F33(ac)if the repayment is a repayment as a result of a claim under section 496B of ITA 2007 (relief for payments by discretionary trust taxable as employment income), the relevant time is the 31 January next following the end of the tax year to which the claim relates;]
[F34(ad)if the repayment is a payment falling within subsection (2D)(b), the relevant time is 31 January next following the end of the tax year in which the entitlement to relief arose;]
[F35(a)if the repayment is—
(i)the repayment of an amount paid in accordance with the requirements of section 59A of the Management Act on account of income tax for a year of assessment, or
(ii)the repayment of income tax for such a year which is not income tax deducted at source [F36(other than a repayment within paragraph (ac))],
the relevant time is the date of the payment that is being repaid;
(b)if the repayment is of income tax deducted at source for a year of assessment, the relevant time is the 31st January next following that year; and]
(c)if the repayment is of a penalty or surcharge, [F37the relevant time is the date on which the penalty or surcharge was paid].]
[F38(4)For the purposes of subsection (3) above, where a repayment in respect of income tax for a year of assessment is made to any person, that repayment—
(a)shall be attributed first to so much of any payment made by him under section 59B of the Management Act as is a payment in respect of income tax for that year;
(b)in so far as it exceeds the amount (if any) to which it is attributable under paragraph (a) above, shall be attributed in two equal parts to each of the payments made by him under section 59A of the Management Act on account of income tax for that year;
(c)in so far as it exceeds the amounts (if any) to which it is attributable under paragraphs (a) and (b) above, shall be attributed to income tax deducted at source for that year; and
(d)in so far as it is attributable to a payment made in instalments shall be attributed to a later instalment before being attributed to an earlier one.
(4A)In this section any reference to income tax deducted at source for a year of assessment is a reference to—
(a)income tax deducted or treated as deducted from any income, or treated as paid on any income, in respect of that year, and
(b)amounts which, in respect of that year, are tax credits to which [F39section 397(1) [F40or [F41397A(1)]] of ITTOIA 2005] applies,
but does not include a reference to amounts which, in that year, are deducted at source under [F42PAYE regulations] in respect of previous years.]
(5)F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)[F44F45. . . ] The Treasury may by order from time to time increase or decrease the rate of interestby reference to which—
(a)repayment supplements are calculated under subsection (1) above; and
(b)repayment supplements are calculated under section 47 of the Finance (No. 2) Act 1975.
(7)A repayment supplement shall not be payable under this section in respect of a repayment or payment made in consequence of an order or judgment of a court having power to allow interest on the repayment or payment, or in respect of a repayment of a post-war credit within the meaning of the Income Tax (Repayment of Post-War Credits) Act 1959.
(8)F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9)M5Subsections (1) [F47to (7)] above shall apply in relation to F48. . . [F49the trustees of a settlement][F50, scheme administrators of registered pension schemes sub-scheme administrators of sub-schemes which form part of a split scheme pursuant to the Registered Pensions (Splitting of Schemes) Regulations 2006][F51or personal representatives F48. . . ] as they apply in relation to an individual.
(10)F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18S. 824(1) substituted (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(1); S.I. 1998/3173, art. 2
F19S. 824(1)(c) substituted (1.4.2011) by The Finance Act 2009, Schedules 55 and 56 (Income Tax Self Assessment and Pension Schemes) (Appointed Days and Consequential and Savings Provisions) Order 2011 (S.I. 2011/702), arts. 1(1), 11 (with arts. 20, 22)
F20S. 824(1A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(b)
F21S. 824(1A) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298
F22Words in s. 824(2) substituted (retrospectively) by Finance Act 1988 (c. 39) s. 146, Sch.13 para.7(c)
F23Words in s. 824(2) repealed (on and after 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch.17 Part 10; S.I. 1989/1298
F24Words in s. 824(2) substituted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch.13 para.7(c)
F25S. 824(2C) inserted (with effect in accordance with s. 90(4) of the amending Act) by Finance Act 2001 (c. 9), s. 90(2)
F26S. 824(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(d)
F27S. 824(2B) inserted (retrospectively, with effect in accordance with s. 41(4)-(6) of the amending Act) by Finance Act 1999 (c. 16), s. 41(2)
F28S. 824(2D) inserted (1.4.2011 with effect in accordance with art. 9(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 7(2)
F29S. 824(2D)(a) omitted (with effect in accordance with Sch. 39 para. 31(3) of the repealing Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 31(2)(a)
F30S. 824(3) substituted (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(2); S.I. 1998/3173, art. 2
F31S. 824(3)(aa) inserted (retrospectively, with effect in accordance with s. 41(4)-(6) of the amending Act) by Finance Act 1999 (c. 16), s. 41(3)
F32S. 824(3)(ab) inserted (with effect in accordance with s. 90(4) of the amending Act) by Finance Act 2001 (c. 9), s. 90(3)
F33S. 824(3)(ac) inserted (1.4.2010 with effect in accordance with art. 4(3) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 4(1)(a)
F34S. 824(3)(ad) inserted (1.4.2011 with effect in accordance with art. 9(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 7(3)
F35S. 824(3)(a)(b) substituted (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(2)
F36Words in s. 824(3)(a)(ii) inserted (1.4.2010 with effect in accordance with art. 4(3) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 4(1)(b)
F37Words in s. 824(3)(c) substituted (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(3)
F38S. 824(4)(4A) substituted for s. 824(4) (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(4)
F39Words in s. 824(4A)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 331(2) (with Sch. 2)
F40Words in s. 824(4A)(b) inserted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 15
F41Words in s. 824(4A)(b) substituted (with effect in accordance with Sch. 19 para. 14 of the amending Act) by Finance Act 2009 (c. 10), Sch. 19 para. 10(a)
F42Words in s. 824(4A) substituted (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 104 (with Sch. 7)
F43S. 824(5) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(a), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2
F44Words in s. 824(6) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 7(f)
F45Words in s. 824(6) repealed (from 18.8.1989) by Finance Act 1989 (c. 26), ss. 178(7), 187, Sch. 17 Pt. 10, Note; S.I. 1989/1298
F46S. 824(8) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 331(3), Sch. 3 (with Sch. 2)
F47Words in s. 824(9) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 331(4) (with Sch. 2)
F48Words in s. 824(9) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(b), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2
F49Words in s. 824(9) substituted (1989-90 and subsequent years) by Finance Act 1989 (c. 26), s. 110(5)(6)-(9)
F50Words in s. 824(9) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 33 (as amended by The Registered Pension Schemes (Splitting of Schemes) Regulations 2006 (S.I. 2006/569), regs. 1(1), 5(6)(7)) (with Sch. 36)
F51Words in s. 824(9) substituted (1989-90 and subsequent years) by Finance Act 1989 (c. 26), s. 111(4)(5)-(8)
F52S. 824(10) repealed (with effect in accordance with s. 199(2)(3), Sch. 19 para. 41(4) of the repealing Act) by Finance Act 1994 (c. 9), Sch. 19 para. 41(3)(c), Sch. 26 Pt. 5(23), Note 3; S.I. 1998/3173, art. 2
Modifications etc. (not altering text)
C2S. 824 excluded (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by Finance Act 1993 (c. 34), ss. 173, 184(3), Sch. 19 Pt. III para. 13(4)
C3S. 824 excluded (2.1.1996) by The Lloyd's Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225), reg. 12(2) (with reg. 13)
C4S. 824 excluded (27.12.2005 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Lloyd's Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 14(4)
C5S. 824 restricted (1.4.2011) by The Finance Act 2009, Sections 101 to 103 (Income Tax Self Assessment) (Appointed Days and Transitional and Consequential Provisions) Order 2011 (S.I. 2011/701), arts. 1(1), 4(2)(a), 5
C6S. 824(3) modified (22.7.2004) by Finance Act 2004 (c. 12), s. 108
C7S. 824(3) modified (1.4.2010 with effect in accordance with s. 381(1) of the modifying Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 137 (with Sch. 9)
Marginal Citations
M4Source—1975 (No.2) s.47(3)(a)
M5Source—1975 (No.2) s.47(11), (12).
(1)M6This section applies to the following payments made to a company in connection with any accounting period for which the company was resident in the United Kingdom (“the relevant accounting period”), that is to say—
(a)a repayment of corporation tax paid by the company for that accounting period (including advance corporation tax paid in respect of distributions made by the company in that accounting periodand any sum paid in respect of that period on an assessment under section 430(7)(a)) F53; or
(b)a repayment of income tax in respect of a payment received by the company in that accounting period on which the company bore income tax by deduction; or
(c)a payment of the whole or part of the tax credit comprised in any franked investment income received by the company in that accounting period.
(2)Subject to the following provisions of this section, where a payment F54. . . to which this section applies is made by the Board or an inspector after the end of the 12 months beginning with the material date, the payment shall be increased under this section by an amount (a “repayment supplement”) equal to interest on the amount paid at the [F55rate applicable under section 178 of the Finance Act 1989] for each complete tax month contained in the period (if any) beginning with the relevant date and ending at the end of the tax month in which the order for the payment is issued.
[F56(2A)In relation to any complete tax month beginning before 6thApril 1974which is contained in the last-mentioned period, subsection (2)above shall have effect as if the rate of interest specified in it were 6per cent. per annum (instead of the rate so specified or any other rate in force by virtue of subsection (5)below or section 48(6)of the Finance (No.2) Act 1975). F57]
(3)M7For the purposes of subsection (2) above—
(a)if the payment is a repayment of corporation tax that was paid on or after the first anniversary of the material date, the relevant date is the anniversary of the material date that occurs next after the date on which that tax was paid;
(b)in any other case, the relevant date is the first anniversary of the material date;
and where a payment to which this section applies is a repayment of corporation tax paid by a company on different dates, the payment shall as far as possible be treated for the purposes of this subsection as a repayment of tax paid on a later rather than an earlier date among those dates.
(4)For the purposes of this section—
(a)a repayment of corporation tax made in consequence of a claim by a company under section 239(3) to have the whole or any part of an amount of surplus advance corporation tax arising in the case of any accounting period treated as if it were advance corporation tax paid in respect of distributions made by the company in any earlier accounting period shall be treated as a repayment of corporation tax paid for the accounting period in the case of which that amount of surplus advance corporation tax arose; and
(b)a repayment of income tax or corporation tax made on a claim under subsection (4) of section 419 shall be treated as if it were a repayment of corporation tax paid for the accounting period in which the repayment of, or of the part in question of, the loan or advance mentioned in that subsection was made. [F58and
(c)a repayment of corporation tax or income tax falling to be made as a result of a claim under section 393A(1) to have the whole or any part of a loss incurred in an accounting period set off against profits of an earlier accounting period (“the earlier period”)—
(i)shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss was incurred, be treated as a repayment of tax paid for the earlier period; and
(ii)in any other case, shall be treated as a repayment of tax paid for the accounting period in which the loss is incurred; and
F59(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(5)[F60Without prejudice to subsection (2A)above] the Treasury may by order from time to time increase or decrease the rate of interest by reference to which repayment supplements are calculated under subsection (2) above.
(6)A repayment supplement shall not be payable under this section in respect of a payment made in consequence of an order or judgment of a court having power to allow interest on the payment.
(7)A repayment supplement paid under this section shall be disregarded for all purposes of income tax and corporation tax.
(8)In this section—
“tax month” means the period beginning with the 6th day of any calendar month and ending with the 5th day of the following calendar month;
“the material date” in relation to a payment to which this section applies, means the last date on which corporation tax on any of the profits of the company in question arising in the relevant accounting period could have been paid—
in a case where section 10(1) applies, within the nine months there mentioned;
in a case where section 478 applies, within the time limit imposed by subsection (2)(a) of that section, but subject to subsection (6) of that section.
(9)This section has effect subject to section 826(8).
Textual Amendments
F53Words in s. 825(1)(a) repealed (for accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), s. 187, Sch. 17 Pt. V, Note 6
F54Words in s. 825(2) repealed (with effect in relation to payments made on and after 6.4.1993) by Finance Act 1989 (c. 26), ss. 158(2), 187, Sch. 17 Pt. 8, Note 5; S.I. 1993/753
F55Words in s. 825(2) substituted (from 18.8.1989) by Finance Act 1989 (c. 26), s. 179(1)(a)(vii); S.I. 1989/1298
F56S. 825(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 8(a)
F57 Repealed by 1989 s.178(7)and 187and Sch.17 Part Xfrom 18August 1989 (see S.I. 1989 No.1298).
F58Words in s. 825(4) added by Finance Act 1991 (c. 31, SIF 63:1), s. 73(3)(4)(5), Sch. 15 para.22
F59S. 825(4)(d) repealed (with effect in accordance with s. 20 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 8 Pt. 2(4), Note
F60Words in s. 825(2A) inserted (retrospectively) by Finance Act 1988 (c. 39), s. 146, Sch. 13 paras. 1, 8(b)
Modifications etc. (not altering text)
C8S. 825(4)(a) modified (27.7.1993) by Finance Act 1993 (c. 34), s. 120, Sch. 14 para. 10(6)
S. 825(4)(a) modified (1.5.1995) by Finance Act 1995 (c. 4), s. 120, Sch. 24 para. 12(5)
C9 See Table Iin Vol.1and see 1989 s.178for further regulation making powers and Part III Vol.5for regulations.
C10 And see Sch.30 para.1(9).
Marginal Citations
M6Source—1975 (No.2) s.48(1), (2)
M7Source—1975 (No.2) s.48(4)-(9)
M8(1)In any case where—
(a)a repayment falls to be made of corporation tax paid by a company for an accounting period which ends after the appointed day; or
[F61(aa)a repayment falls to be made under sections 246N and 246Q of advance corporation tax paid by a company in respect of distributions made by it in such an accounting period; or]
(b)a repayment of income tax falls to be made in respect of a payment received by a company in such an accounting period; or
(c)a payment falls to be made to a company of the whole or part of the tax credit comprised in any franked investment income received by the company in such an accounting period [F62; or
(d)a payment of R&D tax credit falls to be made to a company under [F63Chapter 2 or 7 of Part 13 of CTA 2009] in respect of an accounting period][F64; or
[F65(da)F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(e)a payment of land remediation tax credit or life assurance company tax credit falls to be made to a company under [F67Part 14 of CTA 2009] in respect of an accounting period][F68; or
(f)a payment of film tax credit falls to be made to a company][F69, or
[F70(fa)a payment of television tax credit falls to be made to a company; or
(fb)a payment of video game tax credit falls to be made to a company; or]
(g)a payment of first-year tax credit falls to be made to a company under Schedule A1 to the Capital Allowances Act,]
then, from the material date until [F71the order for repayment or payment is issued], the repayment or payment shall carry interest at the rate which, under section 89 of the Management Act, is for the time being the prescribed rate for the purposes of this section.
(2)[F72Subject to section 826A(2),] in relation to corporation tax paid by a company for an accounting period, the material date for the purposes of this section is the date on which corporation tax was paid or, if it is later, the date on which corporation tax for that accounting period became (or, as the case may be, would have become) due and payable in accordance with [F73section 59D of the Management Act (payment of corporation tax)].
[F74(2A)F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(3)In relation to a repayment of income tax falling within subsection (1)(b) above or a payment of the whole or part of a tax credit falling within subsection (1)(c) above, [F76the material date is the day after the end of the accounting period] in which the payment referred to in subsection (1)(b) above or, as the case may be, the franked investment income referred to in subsection (1)(c) above was received by the company.
[F77(3A)In relation to a payment of R&D tax credit falling within subsection (1)(d) above the material date is whichever is the later of—
(a)the filing date for the company’s company tax return for the accounting period for which the R&D tax credit is claimed, and
(b)the date on which the company tax return or amended company tax return containing the claim for payment of the R&D tax credit is delivered to the Inland Revenue.
For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the M9Finance Act 1998.]
[F78(3AA)F79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F80(3B)In relation to a payment of land remediation tax credit or life assurance company tax credit falling within subsection (1)(e) above the material date is whichever is the later of—
(a)the filing date for the company’s company tax return for the accounting period for which the land remediation tax credit or the life assurance company tax credit is claimed, and
(b)the date on which the company tax return or amended company tax return containing the claim for payment of the land remediation tax credit or the life assurance company tax credit is delivered to the Inland Revenue.
For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]
[F81(3C)In relation to a payment of film tax credit [F82, television tax credit or video game tax credit] the material date is whichever is the later of—
(a)the filing date for the company's company tax return for the accounting period for which the tax credit is payable, and
(b)the date on which the company tax return or amended company tax return containing the claim for payment is delivered to an officer of Revenue and Customs.
For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]
[F83(3D)In relation to a payment of first-year tax credit falling within subsection (1)(g) above the material date is whichever is the later of—
(a)the filing date for the company's company tax return for the accounting period for which the tax credit is claimed, and
(b)the date on which the company tax return or amended company tax return containing the claim for payment of the tax credit is delivered to the Commissioners for Her Majesty's Revenue and Customs.
For this purpose “the filing date”, in relation to a company tax return, has the same meaning as in Schedule 18 to the Finance Act 1998.]
(4)For the purposes of this section a repayment of tax made on a claim under [F84section 458 of CTA 2010] shall be treated as if it were a repayment of corporation tax for the accounting period in which [F85the event giving rise to entitlement to relief under [F86that section] occurred] but, in relation to such a repayment of tax, the material date for the purposes of this section is—
[F87(a)the date when the entitlement to relief in respect of the repayment accrued, that is to say—
(i)where the repayment [F88, or the release or writing off,] of the loan or advance (or part thereof) occurred on or after the day mentioned in [F89section 458(4) of CTA 2010], the date nine months after the end of that accounting period; and
(ii)in any other case, the date nine months after the end of the accounting period in which the loan or advance was made;
or]
(b)if it is later, the date on which the tax which is to be repaid was in fact paid.
(5)F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F91(5A)F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(6)Where a repayment of corporation tax is a repayment of tax paid by a company on different dates, the repayment shall so far as possible be treated for the purposes of this section as a repayment of tax paid on a later rather than an earlier date among those dates.
(7)F92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(a)a company carrying on a trade incurs a loss in the trade in an accounting period (“the later period”),
(b)as a result of a claim under [F95section 37 of CTA 2010], the whole or any part of that loss is [F96relieved][F97(whether under [F98section 37 or 42 of that Act])] for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period (“the earlier period”) which does not fall wholly within the period of twelve months immediately preceding the later period, and
(c)a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period,
then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of [F99so much of the amount of that repayment as falls to be made]] as a result of the claim under [F100section 37 of CTA 2010], except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, [F101as mentioned in subsection (7D) below].
[F93(7AA)F102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
F103(7B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F104(7BB)Subject to subsection (7BC) below, in any case where—
(a)within the meaning of section 806D, any relievable underlying tax or relievable withholding tax arises in an accounting period of a company (“the later period”),
(b)pursuant to a claim under section 806G, the whole or any part of that tax is treated as mentioned in section 806D(4)(c) or (5)(c) in relation to the single related dividend or the single unrelated dividend arising in an earlier accounting period (“the earlier period”), and
(c)a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that period,
then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of the claim under section 806G, except so far as concerns interest for any time after the date on which any corporation tax for the later period became due and payable (as mentioned in subsection (7D) below).
(7BC)F105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F106(7C)In a case where—
(a)there is for an accounting period of a company (“the later period”) [F107a non-trading deficit on the company’s loan relationships,]
(b)as a result of a claim under [F108[F109section 389(1) or 459(1)(b) of CTA 2009] the whole or part of the deficit for the later period is set off against profits] of an earlier accounting period (“the earlier period”), and
(c)a repayment falls to be made of corporation tax for the earlier period [F110or of income tax in respect of a payment received by the company in that accounting period],
then, in determining the amount of interest (if any) payable under this section on the [F111repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of] the claim under [F112section 389(1) or 459(1)(b) of CTA 2009] except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, [F101as mentioned in subsection (7D) below].]
[F113F114(7CA )(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .)]
[F115(7D)In subsections (7), (7A), (7B) [F116, (7BB)] and (7C) above, any reference to the date on which corporation tax for an accounting period became, or would have become, due and payable shall be construed on the basis that corporation tax for an accounting period becomes due and payable on the day following the expiry of nine months from the end of the accounting period.]
[F117(7E)The power conferred by section 59E of the Management Act (alteration of date on which corporation tax becomes due and payable) does not include power to make provision in relation to subsection (7), (7A), (7B), [F118(7BB),] (7C) or (7D) above the effect of which would be to change the meaning of references in subsection (7), (7A), (7B) [F118, (7BB)] or (7C) above to the date on which corporation tax for an accounting period became, or would have become, due and payable (as mentioned in subsection (7D) above).]
(8)In consequence of the preceding provisions of this section, no repayment supplement (within the meaning of section 825) shall be paid in respect of any repayment of tax or payment of tax credit where the relevant accounting period (within the meaning of that section) ends after the appointed day.
[F119(8A)Where—
(a)interest has been paid to a company under subsection (1)(a) [F120[F121, (d)]][F122[F123, (e) or (f)]] above,
[F124(b)there is—
(i)a change in the company’s assessed liability to corporation tax, or
(ii)a change in the amount of the R&D tax credit [F125F126. . . ][F127, land remediation tax credit or life assurance company tax credit][F128or film tax credit][F129or television tax credit or video game tax credit][F130or first-year tax credit under Schedule A1 to the Capital Allowances Act] payable to the company (which does not result in a change falling within sub-paragraph (i)),
other than a change which in whole or in part corrects an error made by the Board or an officer of the Board, and]
(c)as a result only of that change (and, in particular, not as a result of any error in the calculation of the interest), it appears to an officer of the Board that the interest ought not to have been paid, either at all or to any extent,
the interest that ought not to have been paid may be recovered from the company as if it were interest charged under Part IX of the Management Act (interest on overdue tax).
(8B)For the purposes of subsection (8A) above, the cases where there is a change in a company’s assessed liability to corporation tax are those cases where—
(a)an assessment, or an amendment of an assessment, of the amount of corporation tax payable by the company for the accounting period in question is made, or
(b)a determination of that amount is made under paragraph 36 or 37 of Schedule 18 to the Finance Act 1998 (which until superseded by a self-assessment under that Schedule has effect as if it were one),
whether or not any previous assessment or determination has been made.
[F131(8BA)For the purposes of subsection (8A)(b) above, the cases where there is a change in the amount of the R&D tax credit [F132F133. . . ][F134, the land remediation tax credit or the life assurance company tax credit][F135or film tax credit][F136or television tax credit or video game tax credit][F137or first-year tax credit under Schedule A1 to the Capital Allowances Act] payable to the company are those cases where an assessment, or an amendment to an assessment, is made to recover an amount of R&D tax credit [F132F133. . . ][F138, land remediation tax credit or life assurance company tax credit][F135or film tax credit][F136or television tax credit or video game tax credit][F137or first-year tax credit under Schedule A1 to the Capital Allowances Act] paid to the company for the accounting period in question.]
(8C)In subsection (8A)(b) above “error” includes—
(a)any computational error; and
(b)the allowance of a claim or election which ought not to have been allowed.]
(9)In this section “the appointed day” means such day or days, not being earlier than 31st March 1992, as the Treasury may by order appoint for the purposes of this section.
Subordinate Legislation Made
P1S. 826(1)(8)(9) power exercised: 30.9.1993 appointed by S.I. 1992/3066, art. 2(2)(b)
Textual Amendments
F61S. 826(1)(aa) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 20(2)
F62S. 826(1)(d) and preceding word inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(2)
F63Words in s. 826(1)(d) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(a) (with Sch. 2 Pts. 1, 2, para. 56)
F64S. 826(1)(e) and preceding word inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(2)
F65S. 826(1)(da) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(2)
F66S. 826(1)(da) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2, para. 56)
F67Words in s. 826(1)(e) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(2)(c) (with Sch. 2 Pts. 1, 2, para. 56)
F68S. 826(1)(f) and preceding word inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(2); S.I. 2006/3399, art. 2
F69S. 826(1)(g) and preceding word inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(2)
F70S. 826(1)(fa)(fb) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(2), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
F71Words in s. 826(1) substituted (retrospectively) by Finance Act 1989 (c. 26), s. 180(6)(7)
F72Words in s. 826(2) inserted (31.7.1998) by Finance Act 1998 (c. 36), Sch. 4 para. 1(1)
F73Words in s. 826(2) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 42; S.I. 1998/3173, art. 2
F74S. 826(2A) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 16 para. 20(3)
F75S. 826(2A) repealed (with effect in accordance with Sch. 3 para. 38(5) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(2), Sch. 27 Pt. 3(2), Note
F76Words in s. 826(3) substituted (with effect in accordance with Sch. 4 para. 2(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 2(1)
F77S. 826(3A) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(3)
F78S. 826(3AA) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(3)
F79S. 826(3AA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(3), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F80S. 826(3B) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(3)
F81S. 826(3C) inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(3); S.I. 2006/3399, art. 2
F82Words in s. 826(3C) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(3), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
F83S. 826(3D) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(3)
F84Words in s. 826(4) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(a) (with Sch. 2)
F85Words in s. 826(4) substituted (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 1999 (c. 16), s. 90(1)(a)
F86Words in s. 826(4) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(b) (with Sch. 2)
F87S. 826(4)(a) substituted (with effect in accordance with s. 173(6) of the amending Act) by Finance Act 1996 (c. 8), s. 173(5)
F88Words in s. 826(4)(a)(i) inserted (with effect in accordance with s. 90(2) of the amending Act) by Finance Act 1999 (c. 16), s. 90(1)(b)
F89Words in s. 826(4)(a)(i) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(2)(c) (with Sch. 2)
F90S. 826(5)(5A) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F91S. 826(5A) inserted (with effect in accordance with s. 34(5) of the amending Act) by Finance Act 1998 (c. 36), s. 34(4)
F92S. 826(7) repealed (with effect in accordance with Sch. 3 para. 38(6) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(3), Sch. 27 Pt. 3(2), Note
F93S. 826(7AA) inserted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14 para. 10(3)(5)
F95Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(i) (with Sch. 2)
F96Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(ii) (with Sch. 2)
F97Words in s. 826(7A)(b) inserted (with effect in accordance with s. 111(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 35 para. 7
F98Words in s. 826(7A)(b) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(a)(iii) (with Sch. 2)
F99Words in s. 826(7A) substituted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14 para. 10(2)
F100Words in s. 826(7A) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 117(3)(b) (with Sch. 2)
F101Words in s. 826(7)(7A)(7B)(7C) substituted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(2)
F102S. 826(7AA)(7CA) repealed (with effect in accordance with Sch. 3 para. 38(7) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(4), Sch. 27 Pt. 3(2), Note
F103S. 826(7B) repealed (with effect in accordance with s. 20 of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), Sch. 8 Pt. 2(4), Note
F104S. 826(7BB)(7BC) inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 30 para. 29(2)
F105S. 826(7BC) omitted (with effect in accordance with Sch. 14 para. 31 of the repealing Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 10
F106S. 826(7C) inserted (27.7.1993) by 1993 c. 34, s. 170, Sch. 18 para.5
F107Words in s. 826(7C)(a) substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 48(1)(a) (with Sch. 15)
F108Words in s. 826(7C)(b) substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 48(1)(b) (with Sch. 15)
F109Words in s. 826(7C)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(5)(a) (with Sch. 2 Pts. 1, 2)
F110Words in s. 826(7C)(c) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 24 para. 11(a)
F111Words in s. 826(7C) substituted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 24 para. 11(b)
F112Words in s. 826(7C) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(5)(b) (with Sch. 2 Pts. 1, 2)
F113S. 826(7CA) inserted (with effect in accordance with Sch. 24 para. 12(4)(5) of the amending Act) by Finance Act 1995 (c. 4), Sch. 24 para. 12(2)
F114S. 826(7AA)(7CA) repealed (with effect in accordance with Sch. 3 para. 38(7) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 38(4), Sch. 27 Pt. 3(2), Note
F115S. 826(7D) inserted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(3)
F116Words in s. 826(7D) inserted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 30 para. 29(3)
F117S. 826(7E) inserted (with effect in accordance with Sch. 4 para. 5(5)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 4 para. 5(4)
F118Words in s. 826(7E) inserted (28.7.2000) by virtue of Finance Act 2000 (c. 17), Sch. 30 para. 29(4)
F119S. 826(8A)-(8C) 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(1)
F120Words in s. 826(8A)(a) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(4)(a)
F121Word in s. 826(8A)(a) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(6)(a) (with Sch. 2 Pts. 1, 2)
F122Words in s. 826(8A)(a) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(4)(a)
F123Words in s. 826(8A)(a) substituted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(4)(a); S.I. 2006/3399, art. 2
F124S. 826(8A)(b) substituted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(4)(b)
F125Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(4)(b)
F126Words in s. 826(8A)(b)(ii) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(6)(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F127Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(4)(b)
F128Words in s. 826(8A)(b)(ii) inserted (1.1.2007) by Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(4)(b); S.I. 2006/3399, art. 2
F129Words in s. 826(8A)(b)(ii) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(4), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
F130Words in s. 826(8A)(b)(ii) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(4)
F131S. 826(8BA) inserted (with effect in accordance with s. 69(1) of the amending Act) by Finance Act 2000 (c. 17), Sch. 21 para. 1(5)
F132Words in s. 826(8BA) inserted (with effect in accordance with Sch. 14 para. 5 of the amending Act) by Finance Act 2002 (c. 23), Sch. 14 para. 1(5)
F133Words in s. 826(8BA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 267(7), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F134Words in s. 826(8BA) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(5)(a)
F135Words in s. 826(8BA) inserted (1.1.2007) by virtue of Finance Act 2006 (c. 25), s. 53(1), Sch. 5 para. 26(5); S.I. 2006/3399, art. 2
F136Words in s. 826(8BA) inserted (19.7.2013 for specified purposes and 1.4.2014 for remaining purposes, and with effect in accordance with Sch. 18 para. 23 of the amending Act and S.I. 2014/1962, art. 2(2)) by Finance Act 2013 (c. 29), Sch. 18 paras. 1(5), 22; S.I. 2013/1817, art. 2(2); S.I. 2014/1962, art. 2(3)
F137Words in s. 826(8BA) inserted (with effect in accordance with Sch. 25 para. 9 of the amending Act) by Finance Act 2008 (c. 9), Sch. 25 para. 7(5)
F138Words in s. 826(8BA) inserted (with effect in accordance with s. 70(1) of the amending Act) by Finance Act 2001 (c. 9), Sch. 23 para. 3(5)(b)
Modifications etc. (not altering text)
C11S. 826 excluded (2.1.1996) by The Lloyd's Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225), reg. 12(2) (with reg. 13)
C12S. 826 applied (with modifications) (7.1.1999 in accordance with reg. 1(2) of the affecting S.I.) by The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175), reg. 8 (as amended by: S.I. 2005/889, regs. 1(1)(3), 7; S.I. 2011/1785, regs. 1, 11; S.I. 2017/1072, regs. 1, 10)
C13S. 826 excluded (27.12.2005 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Lloyd's Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 14(4)(6)(b)
Marginal Citations
M8Source—1987 (No.2) s.87
(1)The Treasury may by regulations make provision applying section 826, with such modifications as may be prescribed, for the purpose of conferring on companies of such descriptions as may be prescribed a right to interest—
(a)on such payments made by them in respect of corporation tax as may be prescribed,
(b)at the rate applicable under section 178 of the M10Finance Act 1989, and
(c)for such period as may be prescribed,
and for treating any such interest for the purposes, or prescribed purposes, of the Tax Acts as interest under section 826(1)(a) on a repayment of corporation tax.
(2)The Treasury may by regulations make provision modifying section 826(2) in relation to companies of such description as may be prescribed.
(3)Subsections (1) and (2) above do not apply in relation to companies in relation to which section 826(2) is modified or otherwise affected by regulations under section 59E of the Management Act (alteration of date on which corporation tax becomes due and payable) in relation to the accounting period to which the corporation tax in question relates.
(4)Where the Treasury make regulations under subsection (2) above in relation to companies of any description, they may also make regulations modifying section 59DA(2) of the Management Act in relation to those companies, or any description of such companies, by varying the date before which the claim there mentioned may not be made.
(5)Regulations under this section—
(a)may make different provision in relation to different cases or circumstances or in relation to companies or accounting periods of different descriptions;
(b)may make such supplementary, incidental, consequential or transitional provision as appears to the Treasury to be necessary or expedient.
(6)Regulations under this section may not make provision in relation to accounting periods ending before the day appointed under section 199 of the M11Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).
(7)In this section “prescribed” means prescribed by regulations made under this section.]
Textual Amendments
F139S. 826A inserted (31.7.1998) by Finance Act 1998 (c. 36), Sch. 4 para. 1(2)
Marginal Citations
F140. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F140S. 827 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 268, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F141S. 827A inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 333 (with Sch. 2)
F142S. 827A repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 207, Sch. 3 Pt. 1 (with Sch. 2)
(1)M12F143. . . Any power of the Treasury or the Board to make any order or regulations under this Act F144. . . shall be exercisable by statutory instrument.
(2)F145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)M13Subject to [F146subsection (4)] below and to any other provision to the contrary, any statutory instrument containing any order or regulations made by the Treasury or the Board F147. . . shall be subject to annulment in pursuance of a resolution of the House of Commons.
(4)Subsection (3) above shall not apply in relation to an order or regulations made under section F148. . . [F149F150. . . ]F151. . . F152. . . F153. . . F154. . . [F155F151. . . ][F156590C(6)]. . . [F157F158. . . F159. . . ] or paragraph 7 of Schedule 14 [F160F161. . . ] or—
(a)if any other Parliamentary procedure is expressly provided;
(b)if the order in question is an order appointing a day for the purposes of any provision of the Tax Acts, being a day as from which the provision will have effect, with or without amendments, or will cease to have effect.
[F162(5)F163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F164(6)F163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F143Words in s. 828(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(2)(a), Sch. 3 Pt. 1 (with Sch. 2)
F144Words in s. 828(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(2)(b), Sch. 3 Pt. 1 (with Sch. 2)
F145S. 828(2) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(3), Sch. 3 Pt. 1 (with Sch. 2)
F146Words in s. 828(3) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(4)(a) (with Sch. 2)
F147Words in s. 828(3) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(4)(b), Sch. 3 Pt. 1 (with Sch. 2)
F148Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(a), Sch. 3 Pt. 1 (with Sch. 2)
F149Words in s. 828(4) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 180(2)
F150Words in s. 828(4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 269(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F151Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(b), Sch. 3 Pt. 1 (with Sch. 2)
F152Words in s. 828(4) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 334(2), Sch. 3 (with Sch. 2)
F153Words in s. 828(4) repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(19)
F154Words in s. 828(4) repealed (with effect in accordance with Sch. 20 Pt. 3(7) Note 4 of the repealing Act) by Finance Act 1999 (c. 16), Sch. 20 Pt. 3(7)
F155Words in s. 828(4) inserted by Finance Act 1991 (c. 31, SIF 63:1), s. 118(2)
F156Words in s. 828(4) inserted by Finance Act 1989 (c. 26), Sch. 6 para. 16
F157Words in s. 828(4) substituted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 37 para. 1(2)
F158Words in s. 828(4) repealed (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 33, Sch. 10 Pt. 1 (with Sch. 9)
F159Words in s. 828(4) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(5), Sch. 3 Pt. 1 (with Sch. 2)
F160Words in s. 828(4) inserted by Capital Allowances Act 1990 (c. 1), Sch. 1 para. 8(34)
F161Words in s. 828(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 208(5)(c), Sch. 3 Pt. 1 (with Sch. 2)
F162S. 828(5) added (6.4.2003 with effect in accordance with s. 723(1) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 105(4) (with Sch. 7)
F163S. 828(5)(6) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 118(6), Sch. 3 Pt. 1 (with Sch. 2)
F164S. 828(6) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 34 (with Sch. 36)
Modifications etc. (not altering text)
C14S. 828 excluded (18.3.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), ss. 372(4), 381(2)(a) (with Sch. 9)
C15S. 828(3) excluded by Finance Act 2000 (c. 17), Sch. 22 para. 22C(3) (as inserted (1.7.2005) by Finance Act 2005 (c. 7), Sch. 7 paras. 8, 18(1) (with Sch. 7 paras. 19-21))
C16S. 828(3) excluded (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 14(2)
C17S. 828(4) modified (20.3.2007) by Income Tax Act 2007 (c. 3), ss. 1030(4), 1034(4)(b)
Marginal Citations
M12Source—1970 ss.65(5), 204, 231(3), 343 (1A); 1970(F) s.29(6), Sch.5 2(3), 10; 1972 ss.91(3), 108(4); 1973 Sch.16 17(2); 1975 (No.2) ss.47(10), 48(6), 69(9), 70(8), 70A(3); 1976 ss.64(4), 64A, (4) Sch.4 16(2); 1980 s.24(9); Sch.10 13(3); 1982 ss.28(5), 29(1), (3), Sch.7 14(2); 1984 ss.26(1), 88(8), 126(1), Sch.8 2(1)(f), 3A; 1983 Sch.5 5A(9), 6(8); 1986 s.28, 61, Sch.11 11, Sch.12 3, Sch.17 6(7).
M13Source—1970 ss.65(5), 204, 343(1B); 1970(F) s.29(8), Sch.5 2(3), 10; 1973 Sch.16 17(2); 1975 (No.2) ss.47(10), 48(6), 69(9), 70(8), 70A(3); 1976 ss.64(4), 64A(4); 1982 s.29(5); 1983 Sch.5 5A(9), 6(9); 1984 ss.26(6), 88(8), Sch.8 2(1), 3A; 1986 ss.26, 27(7), 55, Sch.11 11, Sch.12 3, Sch.17 6(7)
F165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F165S. 829 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 209, Sch. 3 Pt. 1 (with Sch. 2)
(1)F167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)F169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F166Words in s. 830 title omitted (1.4.2009 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Corporation Tax Act 2009 (Amendment) Order 2009 (S.I. 2009/2860), arts. 1, 3(4)(b)
F167S. 830(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 119, Sch. 3 Pt. 1 (with Sch. 2)
F168S. 830(2)-(4) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 270, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F169S. 830(5) repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 106, Sch. 8 Pt. 1 (with Sch. 7)
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