Section 357YR Interest on excessive amounts withheld
United Kingdom
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 F1for 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.
The “material date” is the date on which tax was deducted from the interest.
Interest under subsection (1) is to be paid at the rate applicable under section 178 of FA 1989.
Annotations
Textual amendments
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Words in s. 357YR(1) inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364), regs. 1, 17
Notes on Part 8C
Textual amendments
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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)
Notes on Chapter 4
Textual amendments
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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)