71Collection and recovery of sums to be deductedU.K.
(1)The Board of Inland Revenue must make regulations with respect to the collection and recovery, whether by assessment or otherwise, of sums required to be deducted from any payments under section 61.
(2)The regulations may include any matters with respect to which PAYE regulations may be made.
(3)Interest required to be paid by the regulations—
(a)is to be paid without any deduction of income tax, and
(b)is not to be taken into account in computing any income, profits or losses for [F1any corporation tax purpose (but see also sections 54 and 869 of the Income Tax (Trading and Other Income) Act 2005 for corresponding rule for income tax purposes)].
Textual Amendments
F1Words in s. 71(3)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 630 (with Sch. 2)