Section 158 | Small amounts of interest.

(1)In the Taxes Management Act 1970—

(a)section 86(6) (remission of interest payable on overdue income tax,capital gains tax or corporation tax where interest would not exceed£30), and

(b)section 87(4) (no interest payable on overdue advance corporation tax orincome tax on company payments where interest would not exceed £30),

shall cease to have effect.

(2)The words “of not less than £25” in—

(a)[section 283(1) of the Taxation of Chargeable Gains Act 1992] (norepayment supplement where overdue repayment of capital gains tax less than£25), and^F1

(b)section 824(1)(a) and (b) and (5) of the Taxes Act 1988 (no repaymentsupplement where overdue repayment of income tax etc. less than £25),

and the words “of not less than £100” in section 825(2) of theTaxes Act 1988 (no repayment supplement where overdue repayment of company taxless than £100) shall cease to have effect.

(3)Paragraph (a) of subsection (1) above shall have effect—

(a)in relation to income tax under Schedule E, where the demand for the taxis made on or after the appointed day, and

(b)in any other case, where the tax is charged by an assessment notice ofwhich is issued on or after the appointed day.

(4)Paragraph (b) of that subsection shall have effect where the tax ischarged by an assessment relating to an accounting period beginning on orafter the appointed day.

(5)Subsection (2) above shall have effect in relation to repayments of taxmade on or after the appointed day.

(6)In this section “the appointed day” means such day as theTreasury may by order made by statutory instrument appoint; and different daysmay be appointed for different enactments or for different purposes of thesame enactment.