Part IV Income Tax, Corporation Tax and Capital Gains Tax

Chapter V Self Assessment, General Management etc.

General

131 Interest on overdue tax.

1

Section 110 of the M1Finance Act 1995 (interest on overdue tax) shall be deemed to have been enacted with the insertion after subsection (3) of the following subsection—

4

So far as it relates to partnerships whose trades, professions or businesses were set up and commenced before 6th April 1994, subsection (1) above has effect as respects the year 1997-98 and subsequent years of assessment.

2

In subsection (3) of section 86 of the M2Taxes Management Act 1970 (which was substituted by the said section 110), for the words “section 93” there shall be substituted the words “ section 92 ”.

3

In Schedule 19 to the M3Finance Act 1994, paragraph 23 (which is superseded by the said section 110) shall cease to have effect.