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There are currently no known outstanding effects for the The Income Tax (Pay As You Earn) Regulations 2003, Section 116.
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116.—(1) This regulation applies if tax in respect of the tax year to which a PSA relates is repaid to the employer after the due date (as defined by regulation 109(2)).
(2) The tax repaid carries interest at the prescribed rate from the later of—
(a)the due date, and
(b)the date on which the tax was paid,
until the order for the repayment is issued (“the interest period”).
(3) Any change made to the prescribed rate during the interest period applies to the tax repaid from the date of the change.
(4) “The prescribed rate” means the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 824 of ICTA(1).
Section 824 was amended by paragraph 7 of Schedule 13 to the Finance Act 1988 (c. 39), sections 110(5), 111(4), 158(2) and 179(1) of, and Parts 4, 8 and 10 of Schedule 17 to, the Finance Act 1989 (c. 26), paragraph 14(52) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12), paragraph 41 of Schedule 19 to the Finance Act 1994 (c. 9), section 92 of the Finance Act 1997 (c. 16), section 41 of the Finance Act 1999 (c. 16), section 90 of the Finance Act 2001 (c. 9), and paragraph 104 of Schedule 6 to ITEPA.
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