The Income Tax (Interest Relief) Regulations 1982

Supplementary statements

11.—(1) When a payment has been made to a lender under Regulation 10(5) on an interim claim in advance, the lender shall deliver to the Board a supplementary statement under this Regulation and (except when paragraph (5) below applies) shall deliver the statement within 4 months after the end of the period for which the claim was made.

(2) The supplementary statement shall be a statement correcting (or confirming) the estimate of the amount deductible given in accordance with Regulation 10(4) above, and shall—

(a) be based as far as possible on the amount of relevant loan interest which actually fell due in the period covered by the statement, and only as far as may be necessary on a revised estimate; and

(b) be for the same period as the interim claim in advance;

and any estimate contained in the supplementary statement shall be certified by an authorised officer of the lender as the best estimate that can reasonably be made.

(3) If the supplementary statement shows that the amount deductible was greater than the payment made under Regulation 10(5) the Board shall, if satisfied with the statement, pay the amount of the difference to the lender by way of supplementary payment on the claim, but if the supplementary statement shows that the amount deductible was less than the payment made under Regulation 10(5) the lender shall repay the amount of the difference to the Board with the statement.

(4) If in respect of an interim claim on which a payment has been made under Regulation 10(5) a lender fails to deliver a supplementary statement within the time required by this Regulation, the amount of the payment shall immediately be recoverable by the Board in the same manner as tax charged by an assessment on the lender which has become final and conclusive.

(5) Where the lender debits interest in arrear to a borrower's account in its records and at intervals of more than a month the supplementary statement shall, if this date is later than the date in paragraph (1) above, be delivered not later than 5 months after the end of the month in which interest is so debited.