The Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995

Interest payable on amounts of tax unpaid

11.—(1) Any amounts of tax which have become due under these Regulations shall carry interest at the specified rate from the date when the amounts become due until payment.

(2) Without prejudice to the generality of paragraph (1) above —

(a) where in any year the payment on account has not been paid, or has not been paid in full, by 14th March, the amount unpaid shall carry interest at the specified rate from 14th March until 14th April or the date on which it is paid, whichever first occurs; and

(b) where in any year the total amount of tax exceeds the amount of the payment on account, the excess shall carry interest at the specified rate from 14th March until 14th April or the date on which payment of the excess is made, whichever first occurs.

(3) In this regulation “the specified rate” means the rate applicable under section 178 of the Finance Act 1989(1) for the purposes of section 87 of the Management Act(2).

(4) Any sum to which this regulation applies shall carry interest from the due date even if that date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882(3).

(1)

1989 c. 26; section 178 was amended by section 17(10) of the Social Security Act 1990 (c. 27), paragraph 107 of Schedule 2 to the Social Security (Consequential Provisions) Act 1992 (c. 6), paragraph 19(4) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12) and paragraph 5 of Schedule 11 to the Finance (No.2) Act 1992.

(2)

Section 87 was substituted by paragraph 10 of Schedule 24 to the Finance Act 1972 (c. 41) and amended by section 46(3) of the Finance (No.2) Act 1975 (c. 45), paragraph 32 of Schedule 29 to the Income and Corporation Taxes Act 1988, and sections 158(1) and 179(1)(b) of, and Part VIII of Schedule 17 to, the Finance Act 1989.

(3)

1882 c. 61; section 92 was amended by sections 3(1) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).