Paragraph 29Z5 Repayment of surplus amountsF1

(1)

This paragraph applies if—

(a)

one or more personal liability notices are served in respect of an amount of relevant contributions debt of a company, and

(b)

the amounts paid to HMRC (whether by directors upon whom notices are served or the company) exceed the aggregate of the specified amount and any interest on it under paragraph 29Z1(2)(b)(ii).

(2)

HMRC is to repay the difference on a just and equitable basis and without unreasonable delay.

(3)

HMRC is to pay interest on any sum repaid.

(4)

The interest—

(a)

is to be at the rate applicable under section 178 of the Finance Act 1989 for the purposes of section 824 of the Taxes Act, and

(b)

is to run from the date the amounts paid to HMRC come to exceed the aggregate mentioned in sub-paragraph (1)(b).

Annotations

Textual amendments

F1: Sch. 4 Pt. 3C inserted (E.W.S.) (28.11.2016) by The Social Security (Contributions) (Amendment No. 4) Regulations 2016 (S.I. 2016/1067), regs. 1, 7

Notes on the whole SI

Textual amendments

F1: See sections 3(2) and (5), 4(5) and (6), 116, 117, 118, 119 and 120 of the Social Security Contributions and Benefits Act 1992 (c. 4) (“the Act”) as amended respectively by paragraphs 3, 4, 22, 23, 24, 25 and 26 of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2) (“the Transfer Act”). The functions of the Department of Health and Social Services for Northern Ireland under the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7) and the Social Security Administration (Northern Ireland) Act 1992 (c. 8) were transferred to the Department for Social Development by Article 8(b) of and Part II of Schedule 6 to the Departments (Transfer and Assignment of Functions) Order (Northern Ireland) 1999 (S.R. 1999 No. 481).
F2: See section 176(2)(b) of the Act.

Notes on Schedule 4

Textual amendments

F1: Sch. 4 heading substituted (6.4.2004) by The Social Security (Contributions, Categorisation of Earners and Intermediaries) (Amendment) Regulations 2004 (S.I. 2004/770), regs. 1(1), 29(2)