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Section 239 of ITA 2007 (date from which interest is chargeable when EIS relief is withdrawn or reduced) is amended as follows.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.