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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Penalties and interest

  • Section 869 Penalties and interest: non-trades etc.
  1. Penalties and interest
  2. Penalties and interest: non-trades etc.

Section 869 | Penalties and interest: non-trades etc.

From legislation.gov.uk

(1)This section applies for the purpose of calculating profits or other income charged to income tax.

(2)For this purpose “profits or other income” does not include the profits of—

(a)a trade, profession, or vocation, or

(b)a property business,

but see subsection (6).

(3)No deduction is allowed for any penalty or interest mentioned in the first column of the following table.

(4)This is the table—

Table shown as text

Penalty or interest Description of tax, levy or duty Interest under any provision of Part 9 of TMA 1970 Income tax, capital gains tax and corporation tax Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) Penalty under any of sections 60 to 70 of VATA 1994 Value added tax Interest under section 101 of FA 2009 in respect of an amount of value added tax Penalty under any of sections 8 to 11 of FA 1994 Excise duties Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 Insurance premium tax Interest under section 60(8) of FA 1994 or paragraph 21 to Schedule 7 to FA 1994 Penalty under any provision of Part 5 of Schedule 5 to FA 1996 Landfill tax Interest under section 56(5) of, or paragraph 26 or 27 of Schedule 5 to, FA 1996 Penalty under any provision of Schedule 6 to FA 2000 Climate change levy Interest under any of paragraphs 70, 81 to 85 , 109 and 123(6) of that Schedule Penalty under any provision of Part 2 of FA 2001 Aggregates levy Interest under section 42(6) of, or any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 to, FA 2001 Penalty under section 25 or 26 of FA 2003 Customs duties Penalty under any provision of Part 4 of FA 2003 Stamp duty land tax Interest under any provision of that Part Penalty under Schedule 24 to FA 2007 Various taxes and excise duties Penalty under Schedule 41 to FA 2008 Various taxes and excise duties

(5)No deduction is allowed for any surcharge under section 59 of VATA 1994.

(6)Provision corresponding to that made by this section is made by—

(a)section 54 (in relation to trades, professions and vocations), and

(b)sections 272 and 272ZA (in relation to property businesses).

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