Section 357YR | Interest on excessive amounts withheld

(1)If an amount deducted under section 357YO(2) in respect of an amount of interest exceeds the amount which should have been deducted, the Commissioners for Her Majesty’s Revenue and Customs are liable to pay interest on the excess from the material date until the date on which the excess is repaid.

(2)The “material date” is the date on which tax was deducted from the interest.

(3)Interest under subsection (1) is to be paid at the rate applicable under section 178 of FA 1989.