The Income Tax (Sub-contractors in the Construction Industry) Regulations 1993

Interest on amounts overdue which have been formally determined

15.—(1) Where an amount is charged by an assessment made in the circumstances specified in paragraph (2), and becomes due and payable, the amount so due and payable shall carry interest at the prescribed rate from the reckonable date until payment.

(2) The circumstances specified in this paragraph are that the assessment is made—

(a) by the inspector under regulation 14,

(b) at any time after 19th April 1988, and

(c) for a year not later than the year ended on 5th April 1992.

(3) Subject to paragraph (4), in this regulation “reckonable date” means the 14th day after the end of the year to which the assessment relates, and for the purposes of this regulation, where the assessment is made in respect of one or more income tax periods, that assessment shall relate to the year of which that period forms part.

(4) Where, at any time after 19th April 1988, an assessment such as is mentioned in paragraph (1) is made in the circumstances specified in paragraph (2), and that assessment relates to a year earlier than the year ended on 5th April 1988, then the amount due and payable under the assessment shall carry interest at the prescribed rate from the 19th April 1988 until payment and in those circumstances that date shall be the reckonable date.

(5) Interest payable under this regulation shall be recoverable as if it were an amount charged by an assessment made under regulation 14.