Section 357YD | Further provision about amounts included, or not included, in “restitution interest”

(1)Interest paid to a company is not restitution interest for the purposes of this Part if—

(a)Condition B was not met in relation to the interest until after the interest was paid, and

(b)the amount paid was limited to simple interest at a rate equivalent to or lower than a statutory rate

(2)Subsection (1) does not prevent so much of a relevant amount of interest determined to be due, agreed upon or otherwise paid as represents or is calculated by reference to simple interest at a rate equivalent to or lower than a statutory rate from falling within the definition of “restitution interest”.

(3)In subsection (2) “relevant amount of interest” means an amount of interest the whole of which was paid before Condition B was met in relation to it.

(4)Section 357YC(7) applies in relation to this section as in relation to section 357YC.