Part 10General provisions
Chapter 2General calculation rules etc.
Penalties, interest and VAT surcharges
869Penalties, interest and VAT surcharges: non-trades etc.
1
This section applies for the purpose of calculating profits or other income charged to income tax.
2
For this purpose “profits or other income” does not include the profits of—
a
a trade, profession, or vocation, or
b
a property business,
but see subsection (6).
3
No deduction is allowed for any penalty or interest mentioned in the first column of the following table.
4
This is the table—
Penalty or interest | Description of tax, levy or duty |
|---|---|
Interest under any provision of Part 9 of TMA 1970 | Income tax, capital gains tax and corporation tax |
Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) |
|
Penalty under any of sections 60 to 70 of VATA 1994 | Value added tax |
Interest under section 74 F1or 85A of VATA 1994 |
|
Penalty under any of sections 8 to 11 of FA 1994 | Excise duties |
Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 | Insurance premium tax |
F2Interest under section 60(8) of FA 1994 or paragraph 21 to Schedule 7 to FA 1994 |
|
Penalty under any provision of Part 5 of Schedule 5 to FA 1996 | Landfill tax |
F3Interest under section 56(5) of, or paragraph 26 or 27 of Schedule 5 to, FA 1996 |
|
Penalty under any provision of Schedule 6 to FA 2000 | Climate change levy |
Interest under any of paragraphs 70, 81 to 85F4, 109 and 123(6) of that Schedule |
|
Penalty under any provision of Part 2 of FA 2001 | Aggregates levy |
Interest under F5section 42(6) of, or any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 F6to, FA 2001 |
|
Penalty under section 25 or 26 of FA 2003 | |
Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
Interest under any provision of that Part |
|
F7Penalty under Schedule 24 to FA 2007 | Various taxes and excise duties |
F8Penalty under Schedule 41 to FA 2008 | Various taxes and excise duties |
5
No deduction is allowed for any surcharge under section 59 of VATA 1994.
6
Provision corresponding to that made by this section is made by—
a
section 54 (in relation to trades, professions and vocations), and
b
F9sections 272 and 272ZA (in relation to property businesses).