Part 20General calculation rules
C1Chapter 1Restriction of deductions
Miscellaneous
1303Penalties, interest and VAT surcharges
1
In calculating profits for any corporation tax purpose, no deduction is allowed for any penalty or interest mentioned in the first column of the following table.
2
This is the table—
Penalty or interest | Description of tax, levy or duty |
---|---|
Penalty under any of sections 60 to 70 of VATA 1994 | Value added tax |
Interest under section 74 of VATA 1994 | |
Penalty under any of sections 8 to 11 of FA 1994 | Excise duties |
Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 | Insurance premium tax |
Interest under paragraph 21 of that Schedule | |
Penalty under any provision of Part 5 of Schedule 5 to FA 1996 | Landfill tax |
Interest under paragraph 26 or 27 of that Schedule | |
Penalty under any provision of Schedule 6 to FA 2000 | Climate change levy |
Interest under any of paragraphs 70, 81 to 85 and 109 of that Schedule | |
Penalty under any provision of Part 2 of FA 2001 | Aggregates levy |
Interest under any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 to FA 2001 | |
Penalty under section 25 or 26 of FA 2003 | Customs, export and import duties |
Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
Interest under any provision of that Part | |
Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) | Income tax |
F1Penalty under Schedule 24 to FA 2007 | Various taxes and excise duties |
F1Penalty under Schedule 41 to FA 2008 | Various taxes and excise duties |
3
In calculating profits for any corporation tax purpose, no deduction is allowed for any surcharge under section 59 of VATA 1994.
Pt. 20 Ch. 1 applied by 1989 c. 26, s. 85(2BA) (as substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 348(4) (with Sch. 2 Pts. 1, 2))