InterestU.K.
3(1)Section 826 of the Taxes Act 1988 (interest on tax overpaid) is amended as follows.
(2)In subsection (1) (payments which carry interest) after paragraph (d) insert— “; or
(e)a payment of land remediation tax credit or life assurance company tax credit falls to be made to a company under Schedule 22 to the Finance Act 2001 in respect of an accounting period,”.
(3)After subsection (3A) (material date for payments of R&D tax credits) insert—
“(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.”.
(4)In subsection (8A) (recovery of overpaid interest)—
(a)in paragraph (a), after “subsection (1)(a) or (d)” insert “ or (e) ”, and
(b)in paragraph (b)(ii), after “R&D tax credit” insert “ , land remediation tax credit or life assurance company tax credit ”.
(5)In subsection (8BA) (cases where there is change in amount of tax credit)—
(a)after “amount of the R&D tax credit” insert “ , the land remediation tax credit or the life assurance company tax credit ”, and
(b)after “amount of R&D tax credit” insert “ , land remediation tax credit or life assurance company tax credit ”.