F1PART 8CRestitution interest
Annotations:
Amendments (Textual)
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.
Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)