Section 357YD Further provision about amounts included, or not included, in “restitution interest”F1
Interest paid to a company is not restitution interest for the purposes of this Part if—
Condition B was not met in relation to the interest until after the interest was paid, and
the amount paid was limited to simple interest at a F2rate equivalent to or lower than a statutory rate
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 F3rate equivalent to or lower than a statutory rate from falling within the definition of “restitution interest”.
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.
Section 357YC(7) applies in relation to this section as in relation to section 357YC.
Annotations
Textual amendments
- F1
Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)
- F2
Words in s. 357YD(1)(b) inserted (15.1.2026) by The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2025 (S.I. 2025/1253), regs. 1, 4(a)
- F3
Words in s. 357YD(2) inserted (15.1.2026) by The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2025 (S.I. 2025/1253), regs. 1, 4(b)