SCHEDULES

I4I2I3I8I5I6I1I7SCHEDULE 54Repayment interest

Annotations:
Commencement Information
I4

Sch. 54 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2

I2

Sch. 54 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(c)

I3

Sch. 54 in force at 31.10.2011 for specified purposes by S.I. 2011/701, art. 3(2) (with art. 4)

I8

Sch. 54 in force at 1.2.2013 for specified purposes by S.I. 2013/67, art. 2

I5

Sch. 54 in force at 1.10.2013 for specified purposes by S.I. 2013/2472, art. 2

I6

Sch. 54 in force at 6.5.2014 for specified purposes by S.I. 2014/992, art. 3(2)

I1

Sch. 54 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 4(1) (with art. 4(2))

I7

Sch. 54 in force at 1.1.2015 for specified purposes by S.I. 2014/3324, art. 3

Part 3Supplementary

Attribution of repayments

13

1

This paragraph applies for the purpose of determining, for the purposes of this Schedule, how a repayment to a person (“P”) in respect of income tax for a tax year is to be attributed to payments made in respect of that tax.

2

Such a repayment is to be attributed to payments in the following order—

a

first, to so much of any payment made by P under section 59B of TMA 1970 as is a payment in respect of income tax for that year,

b

second, in two equal parts to each of the payments (if any) made by P under section 59A of that Act on account of income tax for that year, and

c

third, to income tax deducted at source for that year.

3

In so far as it is attributable to a payment made in instalments, a repayment is to be attributed to a later instalment before being attributed to an earlier one.

Interpretation

14

In this Schedule any reference to income tax deducted at source for a tax year is a reference to—

a

income tax deducted (or treated as deducted) from any income, or treated as paid on any income, in respect of that year, and

b

amounts which, in respect of that year, are tax credits to which section 397(1) or 397A(2) of ITTOIA 2005 applies,

but does not include a reference to amounts which, in that year, are deducted at source under PAYE regulations in respect of previous years.