Part 7Administration
Interest
105Miscellaneous amendments
1
Section 239 of ITA 2007 (date from which interest is chargeable when EIS relief is withdrawn or reduced) is amended as follows.
2
In subsection (1)—
a
for “in column 1 of the following table” substitute “
in subsection (2)
”
,
b
for “given by the corresponding entry in column 2 of the table” substitute “
31 January next following the tax year for which the assessment is made
”
, and
c
omit the table.
3
For subsection (2) substitute—
2
The provisions are—
section 163,
section 164,
section 173A,
any of sections 181 to 188,
section 209,
section 212(1),
section 213,
section 224,
section 232, and
section 233.
4
In the following provisions, for the words from “the same rate” to the end substitute “
the rate applicable under section 178 of the Finance Act 1989
”
a
section 48(1) of FA 1975 (interest on repayment of estate duty), and
b
section 235(1) of IHTA 1984 (interest on overpaid inheritance tax).
5
In section 178(2) of FA 1989 (setting of rates of interest)—
a
after paragraph (g) insert—
ga
section 48(1) of the Finance Act 1975,
b
in paragraph (k), after “sections 233” insert “
, 235(1)
”
.
6
The following provisions (which require HMRC to make an order specifying the new rate of interest when that rate is changed by operation of regulations) are omitted—
a
section 178(5) of FA 1989, and
b
section 197(5) of FA 1996.