DMBM523730 | Debt and return pursuit: PAYE: legislation/regulations: interest on tax unpaid and overpaid regulations

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Income Tax (Pay as You Earn Regulations) 2003

Interest on tax unpaid

• Chargeable for years from 92/3 onwards - 82(1), (2)

• Interest not chargeable on employer if direction given for tax to be recovered from employee - 82(4)

• Rate of interest - 82(7)

• Reckonable date - 82(8)

• Reckonable date includes non-business days - 82(3)

• Interest recoverable as if it were tax - 84(2)

• IR certificate of interest due from and unpaid by employer - 218(3)

• Challenge to IR certificate - 218(6)

Interest on tax overpaid

• Interest on tax repayments for 92/93-95/96 - Sch 1 para 23

• Interest on tax repayments for 96/97 onwards - 83

• Rate of interest for 96/97 onwards - 83(4)