SCHEDULES
I1SCHEDULE 53Late payment interest
Part 3Special provision: date to which late payment interest runs
Deduction of income tax at source
13
1
This paragraph applies to any income tax which—
a
was payable under Chapter 15 of Part 15 of ITA 2007 (collection: deposit-takers, building societies and certain companies) in respect of payments within section 946 of that Act made in a return period,
b
was not paid on the date when it was due under section 951 of that Act, and
c
has subsequently been discharged or repaid under section 953 of that Act because the person who made the payments received payments on which it suffered income tax by deduction in a later return period.
2
The income tax carries late payment interest until the earliest of—
a
the date when the income tax was paid,
b
the date when the person delivered a return for the later return period, and
c
the end of the period of 14 days beginning with the end of the later return period,
but section 101 does not otherwise apply to the income tax.
3
In this paragraph “return period” means a period for which a return is required to be made under Chapter 15 of Part 15 of ITA 2007.
Property accepted in lieu of inheritance tax
14
If, in the case of any amount of inheritance tax—
a
HMRC agree under section 230 of IHTA 1984 to accept property in satisfaction of the amount, and
b
under terms of that acceptance the value to be attributed to the property for the purposes of the acceptance is determined as at a date earlier than that on which the property is actually accepted,
the terms may provide that the amount of tax which is satisfied by the acceptance of the property does not carry late payment interest after that date.
Sch. 53 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2 (with art. 3)