Regulation 8 Interest on overpaid amounts of a company’s total liability for an accounting periodI1

United Kingdom

(1)

Section 826 of the Taxes Act^f1 shall apply in relation to—

an amount or amounts paid by a large company F1or a very large company in accordance with F2these Regulations in respect of its total liability for an accounting period, and

(b)

an amount or amounts paid by a company that is not a large company F3or a very large company in an accounting period in respect of its total liability for that accounting period, where the payment is made prior to the day following the expiry of nine months from the end of that accounting period,

with the modifications specified in paragraphs (2) and (3).

C9 C10 C11 C12(2)

In subsection (1)—

C13 C14 C15 C16 C17 C18 C19(a)

after paragraph (c) there shall be inserted

“or
F4(ca)
the total amount paid by a large company F5or a very large company (as defined in F6... the Corporation Tax (Instalment Payment) Regulations 1998) up to a point in time in respect of its total liability for an accounting period in accordance with F7... those Regulations exceeds the amount that is treated as having become due and payable by the company for that period at that time in accordance with that regulation, or
F8(cb)
an amount paid by a company that is not a large company F9or a very large company in an accounting period in respect of the amount of its total liability for that period is paid prior to the day following the expiry of nine months from the end of that period (“the normal due date”),;”

(b)

for the words “the repayment or payment shall” there shall be substituted the words “or, in a case to which paragraph F10(ca) above applies, until the date on which the excess amount arising as mentioned in that paragraph is extinguished or, in a case to which paragraph F11(cb) above applies, until the normal due date, the repayment or payment or excess amount shall”.

(3)

After subsection (3) there shall be inserted—

“F12(3ZA)
In relation to an excess amount in respect of a company’s total liability arising as mentioned in subsection F13(1)(ca) above, the material date is the F14earliest date on which an instalment payment for the accounting period concerned is treated as becoming due as mentioned in F15... the Corporation Tax (Instalment Payments) Regulations 1998 or, if later, the date on which the excess amount arises.
F16(3ZB)
In relation to a case falling within subsection F17(1)(cb) above—
(a)
if the payment for the accounting period concerned was made on or before the date which, if the company had been a large company, would have been the date on which the first instalment payment for that accounting period would have been treated as becoming due as mentioned in regulation 5(3) F18or 5A(3) of the Regulations referred to in subsection F19(3ZA) above, the material date is that date, or
(b)
if the payment for the accounting period concerned was made later than the date referred to in paragraph (a) above, the material date is the date on which that payment was made.”

Annotations

Textual amendments

F1: Words in reg. 8(1)(a) inserted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(2)(i) (with reg. 1(2))
F2: Words in reg. 8(1)(a) substituted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(2)(ii) (with reg. 1(2))
F3: Words in reg. 8(1)(b) inserted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(3) (with reg. 1(2))
F4: Words in reg. 8(2)(a) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(3)(a)(i)
F5: Words in reg. 8(2)(a) inserted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(5) (with reg. 1(2))
F6: Words in reg. 8(2)(a) omitted (1.4.2019) by virtue of The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(4)(b) (with reg. 1(2))
F7: Words in reg. 8(2)(a) omitted (1.4.2019) by virtue of The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(4)(c) (with reg. 1(2))
F8: Word in reg. 8(2)(a) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(3)(a)(ii)
F9: Words in reg. 8(2)(a) inserted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(4)(a) (with reg. 1(2))
F10: Word in reg. 8(2)(b) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(3)(b)(i)
F11: Word in reg. 8(2)(b) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(3)(b)(ii)
F12: Word in reg. 8(3) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(4)(a)
F13: Word in reg. 8(3) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(4)(a)(i)
F14: Words in reg. 8(3) substituted (1.4.2019) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(6)(a) (with reg. 1(2))
F15: Words in reg. 8(3) omitted (1.4.2019) by virtue of The Corporation Tax (Instalment Payments) (Amendment) Regulations 2017 (S.I. 2017/1072), regs. 1(1), 10(6)(b) (with reg. 1(2))
F16: Word in reg. 8(3) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(4)(b)
F17: Word in reg. 8(3) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(4)(b)(i)
F18: Words in reg. 8(3) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2005 (S.I. 2005/889), regs. 1(1), 7(4)
F19: Word in reg. 8(3) substituted (11.8.2011) by The Corporation Tax (Instalment Payments) (Amendment) Regulations 2011 (S.I. 2011/1785), regs. 1(1), 11(4)(b)(ii)

Modifications

C1: Reg. 8(1)(a) modified (with application in accordance with Sch. 26 para. 13(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 26 para. 13(6)(a) (with Sch. 26 para. 13)
C2: Reg. 8(1)(a) modified (with application in accordance with s. 119(6) of the amending Act) by Finance Act 2014 (c. 26), s. 119(11)(a)
C3: Reg. 8(1)(a) modified (with application in accordance with s. 76(6)-(12) of the amending Act) by Finance Act 2015 (c. 11), s. 76(10)(a)
C4: Reg. 8(1)(a) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 16(9)(a)
C5: Reg. 8(1)(a) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 14(9)(a)
C6: Reg. 8(1)(a) modified (with application in accordance with Sch. 2 para. 1(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(8)(a)
C7: Reg. 8(1)(a) modified (with effect in accordance with s. 51 of the amending Act) by Finance Act 2022 (c. 3), s. 51(6)(a)
C8: Reg. 8(1)(a) modified (15.7.2026) by Taxation (Energy and Vehicles) Act 2026 (c. 26), s. 1(7)
C9: Reg. 8(2) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 16(9)(a)
C10: Reg. 8(2) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 14(9)(a)
C11: Reg. 8(2)(a) modified (with application in accordance with Sch. 2 para. 1(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(8)(a)
C12: Reg. 8(2)(a) modified (15.7.2026) by Taxation (Energy and Vehicles) Act 2026 (c. 26), s. 1(7)
C13: Reg. 8(2)(a) modified (with application in accordance with s. 119(6) of the amending Act) by Finance Act 2014 (c. 26), s. 119(11)(a)
C14: Reg. 8(2)(a) modified (with application in accordance with Sch. 26 para. 13(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 26 para. 13(6)(a) (with Sch. 26 para. 13)
C15: Reg. 8(2)(a) modified (with application in accordance with s. 76(6)-(12) of the amending Act) by Finance Act 2015 (c. 11), s. 76(10)(a)
C16: Reg. 8(2)(a) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 16(9)(a)
C17: Reg. 8(2)(a) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 14(9)(a)
C18: Reg. 8(2)(a) modified (with application in accordance with Sch. 2 para. 1(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(8)(a)
C19: Reg. 8(2)(a) modified (with effect in accordance with s. 51 of the amending Act) by Finance Act 2022 (c. 3), s. 51(6)(a)

Commencement

I1: Reg. 8 in force at 7.1.1999, see reg. 1(1)

Footnotes

f1: Section 826 was amended by section 180(6) of the Finance Act 1989, paragraph 23 of Schedule 15 to the Finance Act 1991 (c. 31), paragraph 10(1) to (4) of Schedule 14 and paragraph 5 of Schedule 18 to the Finance Act 1993, paragraph 20 of Schedule 16 and paragraph 42 of Schedule 19 to the Finance Act 1994, paragraphs 11 and 12(1) and (2) of Schedule 24 to the Finance Act 1995, section 173(5) of, and paragraph 48 of Schedule 14 to, the Finance Act 1996, Part II(4) of Schedule 8 to the Finance (No. 2) Act 1997, and section 34 of, and paragraphs 1(1), (2) and 3(1) of Schedule 4 to, the Finance Act 1998.