The Income Tax (Employments) Regulations 1993

Interest on unpaid tax which has been formally determined

50.—(1) Where—

(a) an employer has not paid an amount of tax to the collector under regulation 40 or 41, and

(b) the inspector, at any time after 19th April 1988, makes a determination of the amount of such tax under regulation 49, and

(c) the determination does not relate to a year later than the year ended 5th April 1992, and

(d) tax is payable pursuant to that determination,

the tax so payable shall carry interest at the prescribed rate from the reckonable date until payment.

(2) Subject to paragraph (3), in this regulation “the reckonable date” means the14th day after the end of the year to which the determination relates and, for the purposes of this regulation, where tax payable by the employer for any one or more income tax periods is covered by a determination, that determination shall relate to the year of which that period forms part.

(3) Where, at any time after 19th April 1988, an inspector makes a determination that relates to a year earlier than the year ending on 5th April 1988, then tax payable in accordance with that determination shall carry interest at the prescribed rate from 19th April 1988 until payment and in those circumstances that date shall be the reckonable date.