F1PART 8CRestitution interest
CHAPTER 1Amounts taxed as restitution interest
357YDFurther provision about amounts included, or not included, in “restitution interest”
(1)
Interest paid to a company is not restitution interest for the purposes of this Part if—
(a)
Condition B was not met in relation to the interest until after the interest was paid, and
(b)
the amount paid was limited to simple interest at a statutory rate
(2)
Subsection (1) does not prevent so much of a relevant amount of interest determined to be due, agreed upon or otherwise paid as represents or is calculated by reference to simple interest at a statutory rate from falling within the definition of “restitution interest”.
(3)
In subsection (2) “relevant amount of interest” means an amount of interest the whole of which was paid before Condition B was met in relation to it.
(4)
Section 357YC(7) applies in relation to this section as in relation to section 357YC.