Part 7Administration
Interest
I4I17I15C4C2I10I1C11I11I7I9I19C3C12I20C9C5I14C8I8I3I18I16I6I12I13I2I5C13C14I21I22C15101Late payment interest on sums due to HMRC
1
This section applies to any amount that is payable by a person to HMRC under or by virtue of an enactment.
2
But this section does not apply to—
a
an amount of corporation tax,
b
an amount of petroleum revenue tax, or
c
an amount of any description specified in an order made by the Treasury.
3
An amount to which this section applies carries interest at the late payment interest rate from the late payment interest start date until the date of payment.
C7C10C1C64
The late payment interest start date in respect of any amount is the date on which that amount becomes due and payable.
5
In Schedule 53—
a
Part 1 makes special provision as to the amount on which late payment interest is calculated,
b
Part 2 makes special provision as to the late payment interest start date,
c
Part 3 makes special provision as to the date to which late payment interest runs, and
d
Part 4 makes provision about the effect that the giving of a relief has on late payment interest.
6
Subsection (3) applies even if the late payment interest start date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.
7
Late payment interest is to be paid without any deduction of income tax.
8
Late payment interest is not payable on late payment interest.
9
For the purposes of this section any reference to the payment of an amount to HMRC includes a reference to its being set off against an amount payable by HMRC (and, accordingly, the reference to the date on which an amount is paid includes a reference to the date from which the set-off takes effect).
F110
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F211
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