1303Penalties[F1, interest and VAT surcharges] [F1and interest]U.K.
F1(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 |
[F2Interest under section 101 of FA 2009 in respect of an amount of value added tax] | |
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 | [F3Customs duties] |
Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
Interest under any provision of that Part | |
[F4Interest under section 101 of FA 2009 in connection with sums required to be deducted under section 61 of FA 2004 (construction industry)] | |
[F5Penalty under Schedule 24 to FA 2007 | Various taxes and excise duties] |
[F5Penalty under Schedule 41 to FA 2008 | Various taxes and excise duties] |
[F6Penalty under Schedule 16 to F(No. 2)A 2017 | Various taxes] |
(3)[F7In calculating profits for any corporation tax purpose, no deduction is allowed for any surcharge under section 59 of VATA 1994. ]
Textual Amendments
F1Words in s. 1303 heading substituted (1.1.2023 for specified purposes, 6.4.2024 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 36(a); S.I. 2022/1278, reg. 2(3)(4)(c); S.I. 2024/440, reg. 2
F2Words in s. 1303(2) table substituted (with effect in accordance with art. 1(3)(b) of the amending S.I.) by The Finance Act 2009, Sections 101 and 102 (Value Added Tax) (Late Payment Interest and Repayment Interest) (Exceptions and Consequential Amendments) Order 2022 (S.I. 2022/1298), arts. 1(3)(a), 5(3)
F3Words in s. 1303(2) substituted (13.9.2018 for specified purposes, 31.12.2020 in so far as not already in force) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(1)(a), Sch. 7 para. 157 (with savings and transitional provisions in S.I. 2020/1449, reg. 3 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(a)
F4Words in s. 1303(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2009, Sections 101 and 102 (Interest on Late Payments and Repayments) (Consequential Amendments) Order 2014 (S.I. 2014/1283), art. 1(1), Sch. para. 6
F5Words in s. 1303(2) added (1.4.2010) by The Finance Act 2008 (Penalties for Errors and Failure to Notify etc) (Consequential Amendments) Order 2010 (S.I. 2010/530), art. 1, Sch. para. 10
F6Words in s. 1303(2) table inserted (with effect in accordance with Sch. 16 para. 62 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 16 para. 60
F7S. 1303(3) omitted (1.1.2023 for specified purposes, 6.4.2024 for specified purposes) by virtue of Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 36(b); S.I. 2022/1278, reg. 2(3)(4)(c); S.I. 2024/440, reg. 2
Modifications etc. (not altering text)
C1Pt. 20 Ch. 1 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 92(4) (with s. 147, Sch. 17)