# The Insurance Companies (Pensions Business) (Transitional Provisions) Regulations 1992, Regulation 6: Interest where a provisional repayment exceeds the maximum reduced entitlement for a provisional repayment period


(1) In any case where an insurance company claims, and is paid, by way of provisional repayment an amount in excess of the maximum reduced entitlement for the provisional repayment period to which the claim relates, interest shall be charged for the period specified in paragraph (2) at the rate specified in paragraph (3).
(2) The period specified in this paragraph is a period beginning on the date on which the amount of the excess is paid to the company and ending on the first occurrence of any of the following—
(a) the date on which that amount is repaid to the Board;
(b) the date on which the company becomes entitled to that amount when effect is given to a claim such as is mentioned in section 7(6) of the Taxes Act, in section 42(5A) of the Management Act or in sub-paragraph (2) of paragraph 5, made in respect of the corresponding accounting period; or
(c) the date on which the company becomes entitled to that amount when the assessment to corporation tax for the corresponding accounting period becomes final and conclusive.
(3) The rate specified in this paragraph is the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 87A of the Management Act.
(4) Interest charged by virtue of paragraph (1) shall be treated for the purposes of section 30 of the Management Act as if it were an amount of corporation tax which had been repaid and which ought not to have been repaid.
(5) In relation to an amount assessed to corporation tax under section 30 of the Management Act by virtue of these Regulations, section 87A of that Act shall apply with the modifications specified in paragraph (6).
(6) The modifications specified in this paragraph are that—
(a) the amount assessed to corporation tax under section 30 of the Management Act by virtue of these Regulations shall be taken to have become due and payable on the date on which that assessment was made; and
(b) the words “(in accordance with section 10 of the principal Act)” in subsection (1) shall accordingly be disregarded.

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Source: https://www.legislation.gov.uk/uksi/1992/2326/regulation/6 (the official version)
Page: https://openlegislation.uk/insurance-companies-pensions-business-transitional-provisions-regulations-1992/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.