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Paragraph 4 F1

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

(1)

This paragraph applies for the purposes of paragraph 3.

(2)

Condition A is that the overdue payment and the repayment are in respect of different accounting periods.

(3)

Condition B is that the overdue payment would (apart from paragraph 3) carry—

(a)

late payment interest, or

(b)

interest under regulations made by virtue of section 59E(2)(g) of TMA 1970.

(4)

Condition C is that the repayment would (apart from paragraph 3) carry—

(a)

repayment interest, or

(b)

interest under regulations made by virtue of section 59E(2)(i) of TMA 1970.

Annotations

Textual amendments

F1

Sch. 54A inserted (1.1.2023 for specified purposes) by Finance (No. 3) Act 2010 (c. 33), s. 25(2), Sch. 9 para. 12 (as amended by: 2014 c. 26, Sch. 4 paras. 14, 16, 17; S.I. 2014/2228, art. 2; 2016 c. 24, Sch. 8 para. 12, 17(1)(a); and 2017 c. 32, Sch. 6 paras. 15, 20, 21(1)(b)); S.I. 2022/1277, reg. 2(2)(d) (with reg. 3)

Notes on Part 1

Textual amendments

F2

Sch. 54A Pt. 1 heading inserted (1.1.2023) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 4(2); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)