Section 180 | Repayment interest: period of accrual.

(1)In section 48(1) of the Finance Act 1975, after thewords “carry interest” there shall be inserted the words “from the dateon which the sums were paid until the order for repayment is issued”.

(2)In—

(a)paragraph 16 of Schedule 2 to the Oil Taxation Act1975,

(b)section 105(7) of the Finance Act 1980,

(c)paragraph 13(4) and (5) of Schedule 16 to the FinanceAct 1981, and

(d)paragraph 10(4) of Schedule 19 to the Finance Act1982,

for the word “repayment” there shall be substituted the words “theorder for repayment is issued”.

(3)In paragraph 59(1) of Schedule 8 to the DevelopmentLand Tax Act 1976, after the word “later,” there shall be inserted thewords “until the order for repayment is issued”.

(4)In section 235(1) of the Inheritance Tax Act 1984(and paragraph 19(3) of Schedule 4 to the Finance Act1975), after the word “made” there shall be inserted the words “untilthe order for repayment is issued”.

(5)In section 92(2) of the Finance Act 1986, for thewords “the time it was paid” there shall be substituted the words “thedate on which the payment was made until the order for repayment isissued”.

(6)In section 826(1) of the Taxes Act 1988, for the words “that repaymentor payment is made” there shall be substituted the words “the order forrepayment or payment is issued”.

(7)The amendments made by this section shall be deemed always to have hadeffect.