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Finance Act 1988

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Changes over time for: Cross Heading: Interest and penalties

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Version Superseded: 06/04/2003

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Point in time view as at 24/07/2002.

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There are currently no known outstanding effects for the Finance Act 1988, Cross Heading: Interest and penalties. Help about Changes to Legislation

Interest and penaltiesU.K.

128 Interest on overdue or overpaid PAYE.U.K.

(1)In subsection (2) of section 203 of the Taxes Act 1988 (pay as you earn), for paragraph (d) there shall be substituted—

(d)for requiring the payment of interest on sums due to the Board which are not paid by the due date, for determining the date (being not less than 14 days after the end of the year of assessment in respect of which the sums are due) from which such interest is to be calculated and for enabling the repayment or remission of such interest;

(dd)for requiring the payment of interest on sums due from the Board and for determining the date (being not less than one year after the end of the year of assessment in respect of which the sums are due) from which such interest is to be calculated;

(2)At the end of that section there shall be added—

(9)Interest required to be paid by regulations under subsection (2) above shall be paid without any deduction of income tax and shall not be taken into account in computing any income, profits or losses for any tax purposes.

129 Two or more tax-geared penalties in respect of same tax.U.K.

(1)After section 97 of the Taxes Management Act 1970 there shall be inserted—

97A Two or more tax-geared penalties in respect of same tax.

Where two or more penalties—

(a)are incurred by any person and fall to be determined by reference to any income tax or capital gains tax with which he is chargeable for a year of assessment; or

(b)are incurred by any company and fall to be determined by reference to any corporation tax with which it is chargeable for an accounting period,

each penalty after the first shall be so reduced that the aggregate amount of the penalties, so far as determined by reference to any particular part of the tax, does not exceed whichever is or, but for this section, would be the greater or greatest of them, so far as so determined.

(2)Section 97A(a) of that Act has effect with respect to the year1988-89 or any subsequent year of assessment; and section 97A(b) has effect with respect to accounting periods ending after 31st March 1989.

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