Part II Income Tax, Corporation Tax and Capital Gains Tax
CHAPTER IV Management
Interest etc.
158 Small amounts of interest.
1
In the Taxes Management Act 1970—
a
section 86(6) (remission of interest payable on overdue income tax,capital gains tax or corporation tax where interest would not exceed£30), and
b
section 87(4) (no interest payable on overdue advance corporation tax orincome tax on company payments where interest would not exceed £30),
shall cease to have effect.
2
The words “of not less than £25” in—
a
b
section 824(1)(a) and (b) and (5) of the Taxes Act 1988 (no repaymentsupplement where overdue repayment of income tax etc. less than £25),
and the words “of not less than £100” in section 825(2) of theTaxes Act 1988 (no repayment supplement where overdue repayment of company taxless than £100) shall cease to have effect.
3
Paragraph (a) of subsection (1) above shall have effect—
a
in relation to income tax under Schedule E, where the demand for the taxis made on or after the appointed day, and
b
in any other case, where the tax is charged by an assessment notice ofwhich is issued on or after the appointed day.
4
Paragraph (b) of that subsection shall have effect where the tax ischarged by an assessment relating to an accounting period beginning on orafter the appointed day.
5
Subsection (2) above shall have effect in relation to repayments of taxmade on or after the appointed day.
6
In this section “the appointed day” means such day as theTreasury may by order made by statutory instrument appoint; and different daysmay be appointed for different enactments or for different purposes of thesame enactment.