SCHEDULE 1Consequential Amendments and Supplemental Provisions – Primary Legislation
Finance Act 2001I1306
1
Section 42 (determinations on appeal) is amended as follows.
2
In subsection (1)—
a
for “41” substitute “40”; and
b
in paragraph (a) omit “made, confirmed or treated as confirmed by the Commissioners on a review under section 40 above (“the original assessment”)”.
3
In subsection (2)—
a
for “41” substitute “40”; and
b
in paragraph (b)—
i
after “tribunal,” insert “a review or”; and
ii
after “decision” insert “as appropriate”.
4
In subsection (3) for “41” substitute “40”.
5
In subsection (4)—
a
for the first occurrence of “41” substitute “40”; and
b
for “at such rate as the tribunal shall determine” substitute “at the rate applicable under section 197 of the Finance Act 1996”.
6
In subsection (5)—
a
for “41” substitute “40”; and
b
for “at such rate as the tribunal shall determine” substitute “at the rate applicable under section 197 of the Finance Act 1996”.
7
In subsection (6)—
a
in paragraph (a) for “41” substitute “40”,
b
for the words after paragraph (b) substitute—
it shall be paid with interest at the rate applicable under section 197 of the Finance Act 1996
8
After subsection (6) insert—
6A
Interest under subsection (6) shall be paid without any deduction of income tax.
9
For subsection (7) substitute—
7
Sections 85 and 85B of the Value Added Tax Act 1994 (settling of appeals by agreement and payment of tax where there is a further appeal)160 shall have effect as if—
a
the references to section 83 of that Act included references to section 40 above, and
b
the references to value added tax included references to aggregates levy.