# The Corporation Tax (Instalment Payments) Regulations 1998, Regulation 7: Interest on unpaid amounts: large companies and very large companies

Extent: E+W+S+N.I.

(1) Section 87A of the Management Act shall apply in relation to any unpaid amount in respect of the total liability of a large company or a very large company for an accounting period, with the modifications specified in paragraphs (2) to (5).
(2) After subsection (1) there shall be inserted the following subsection—
“(1A) An amount or amounts treated as becoming due and payable in respect of the total liability of a large company or a very large company for an accounting period in accordance with the Corporation Tax (Instalment Payments) Regulations 1998 shall carry interest at the rate applicable under section 178 of the Finance Act 1989 from the date or dates specified in the regulation in question as the date or dates when that amount or those amounts are treated as becoming due and payable until payment.”
(3) In subsection (2)—
(a) for the words “Subsection (1) above applies” there shall be substituted “Subsections (1) and (1A) above apply”;
(b) for the words “that subsection” there shall be substituted “those subsections”.
(4) In subsection (3) there shall be added at the end the words “, and the reference in subsection (1A) above to the date or dates when an amount or amounts are treated as becoming due and payable in respect of the total liability of a large company or a very large company for an accounting period is a reference to the date or dates when that amount or those amounts are treated as having become due and payable by the company”.
(5) After subsection (9) there shall be added—
“(10) In subsections (1A) and (3) above “large company” and “very large company” have the meanings given in the Corporation Tax (Instalment Payments) Regulations 1998.”

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Source: https://www.legislation.gov.uk/uksi/1998/3175/regulation/7 (the official version)
Page: https://openlegislation.uk/corporation-tax-instalment-payments-regulations-1998/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.