Paragraph 24

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 15 modified (1.10.1999) by Finance Act 1999 s. 113(3)(4) Sch. 16 para. 11 (subst. 1988 c. 39 s. 143(4))
Sch. 15 para. 1 restricted (1.10.1999) by Finance Act 1999 s. 113(3)(4) Sch. 16 para. 11 (subst. 1988 c. 39 s. 143(2))
Sch. 15 para. 6 - 8 Sch. 16 para. 2 - 11 repealed (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note

(1)

The following provisions apply to interest under paragraph 22(2) or 23(4).

(2)

If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.

(3)

Interest is payable at the rate prescribed under section 178 of the M1Finance Act 1989 for the purposes of section 15A of the M2Stamp Act 1891 (interest on late stamping).

(4)

The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.

No interest is payable if the amount is less than £25.

(5)

The interest shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.

Annotations

Marginal citations

M1: 1989 c.26.
M2: 1891 c.39.

Notes on Schedule 15

Modifications

C1: Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11)