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COM82031 | Interest: interest objections and amendments: legislation

From HM Revenue & Customs · COTAX Manual

The legislation relating to interest objections and amendments is shown below. The table gives a brief explanation of what the legislation contains.

SectionExplanation
Part 4 Corporation Taxes Act (CTA) 2010Deals with loss relief.
S87A Taxes management Act (TMA) 1970, as extended by regulation 7) of Corporation Tax (Instalments Payments) Regulations SI 1998, No 3175Debit interest is charged on late or insufficient payment of quarterly instalments from the quarterly instalment due dates to the date of payment or normal due date.
S87A TMA 1970 (as extended by regulation 8) of Corporation Tax (Instalments Payments) Regulations SI 1998, No 3175Credit interest is charged on early or excessive payments of corporation tax from the quarterly instalment due dates to the date of payment or normal due date.
87A TMA 1970Interest is charged from the normal due date (please see Glossary) to the date of payment.
87A(4A) TMA 1970Interest when a non-trading deficit is carried back to an earlier AP runs to the normal due date of the AP from which it was carried back.
87A(6) TMA 1970Provides that the carry-back of a trading loss is not effective for interest purposes until the normal due date for the AP in which the loss is incurred, unless the carry-back is to a period that falls wholly within the twelve months before the AP in which the loss is incurred.
455 CTA 2010Tax on a loan or advance by a close company to a participator such as a Company Director, or an associate of a participator.
455 CTA 2010Determines the due date for tax due under S455 CTA 2010.
458 CTA 2010Relief in terms of tax against a charge under S455 CTA 2010 or S419 ICTA 1988 when a loan or advance to a participator has been repaid, or repaid in part, on or after 1 April 2010.
419(4) Income and Corporation Tax Act (ICTA) 1988Relief in terms of tax against a charge under S419 ICTA 1988 when a loan or advance to a participator has been repaid, or repaid in part, before 1 April 2010.