InterestU.K.
1(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—
“(da)a payment of a tax credit falls to be made to a company under Schedule 13 to the Finance Act 2002 in respect of an accounting period, or”.
(3)After subsection (3A) (material date for repayments of R&D tax credit) insert—
“(3AA)In relation to a payment of tax credit falling within subsection (1)(da) 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 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) for “or (d)" substitute “ (d), (da) ”, and
(b)in paragraph (b)(ii) after “R&D tax credit" insert “ , tax credit under Schedule 13 to the Finance Act 2002 ”.
(5)In subsection (8BA) (cases where there is a change in the amount of the R&D tax credit etc) after “R&D tax credit" (in both places) insert “ , tax credit under Schedule 13 to the Finance Act 2002 ”.