|
| |
|
(b) | make provision modifying an enactment or instrument (whenever |
| |
| |
(5) | “Modifying” includes amending, repealing or revoking. |
| |
(6) | An order under this section is to be made by statutory instrument. |
| |
(7) | A statutory instrument containing an order under this section is subject to |
| 5 |
annulment in pursuance of a resolution of the House of Commons. |
| |
| |
100 | Late payment interest on sums due to HMRC |
| |
(1) | This section applies to any amount that is payable by a person to HMRC under |
| |
or by virtue of an enactment. |
| 10 |
(2) | But this section does not apply to— |
| |
(a) | an amount of corporation tax, |
| |
(b) | an amount of petroleum revenue tax, or |
| |
(c) | an amount of any description specified in an order made by the |
| |
| 15 |
(3) | An amount to which this section applies carries interest at the late payment |
| |
interest rate from the late payment interest start date until the date of payment. |
| |
(4) | The late payment interest start date in respect of any amount is the date on |
| |
which that amount becomes due and payable. |
| |
| 20 |
(a) | Part 1 makes special provision as to the amount on which late payment |
| |
| |
(b) | Part 2 makes special provision as to the late payment interest start date, |
| |
(c) | Part 3 makes special provision as to the date to which late payment |
| |
| 25 |
(d) | Part 4 makes provision about the effect that the giving of a relief has on |
| |
| |
(6) | Subsection (3) applies even if the late payment interest start date is a non- |
| |
business day within the meaning of section 92 of the Bills of Exchange Act 1882. |
| |
(7) | Late payment interest is to be paid without any deduction of income tax. |
| 30 |
(8) | Late payment interest is not payable on late payment interest. |
| |
(9) | For the purposes of this section any reference to the payment of an amount to |
| |
HMRC includes a reference to its being set off against an amount payable by |
| |
HMRC (and, accordingly, the reference to the date on which an amount is paid |
| |
includes a reference to the date from which the set-off takes effect). |
| 35 |
101 | Repayment interest on sums to be paid by HMRC |
| |
(1) | This section applies to— |
| |
(a) | any amount that is payable by HMRC to any person under or by virtue |
| |
| |
|
| |
|
| |
|
(b) | a relevant amount paid by a person to HMRC that is repaid by HMRC |
| |
to that person or to another person. |
| |
(2) | But this section does not apply to— |
| |
(a) | an amount constituting a repayment of corporation tax, |
| |
(b) | an amount constituting a repayment of petroleum revenue tax, or |
| 5 |
(c) | an amount of any description specified in an order made by the |
| |
| |
(3) | An amount to which this section applies carries interest at the repayment |
| |
interest rate from the repayment interest start date until the date on which the |
| |
payment or repayment is made. |
| 10 |
| |
(a) | Parts 1 and 2 define the repayment interest start date, and |
| |
(b) | Part 3 makes supplementary provision. |
| |
(5) | Subsection (3) applies even if the repayment interest start date is a non- |
| |
business day within the meaning of section 92 of the Bills of Exchange Act 1882. |
| 15 |
(6) | Repayment interest is not payable on an amount payable in consequence of an |
| |
order or judgment of a court having power to allow interest on the amount. |
| |
(7) | Repayment interest is not payable on repayment interest. |
| |
(8) | For the purposes of this section— |
| |
(a) | “relevant amount” means any sum that was paid in connection with |
| 20 |
any liability (including any purported or anticipated liability) to make |
| |
a payment to HMRC under or by virtue of an enactment, and |
| |
(b) | any reference to the payment or repayment of an amount by HMRC |
| |
includes a reference to its being set off against an amount owed to |
| |
HMRC (and, accordingly, the reference to the date on which an amount |
| 25 |
is paid or repaid by HMRC includes a reference to the date from which |
| |
the set-off takes effect). |
| |
| |
(1) | The late payment interest rate is the rate provided for in regulations made by |
| |
the Treasury under this subsection. |
| 30 |
(2) | The repayment interest rate is the rate provided for in regulations made by the |
| |
Treasury under this subsection. |
| |
(3) | Regulations under subsection (1) or (2)— |
| |
(a) | may make different provision for different purposes, |
| |
(b) | may either themselves specify a rate of interest or make provision for |
| 35 |
such a rate to be determined (and to change from time to time) by |
| |
reference to such rate, or the average of such rates, as may be referred |
| |
| |
(c) | may provide for rates to be reduced below, or increased above, what |
| |
they otherwise would be by specified amounts or by reference to |
| 40 |
| |
(d) | may provide for rates arrived at by reference to averages to be rounded |
| |
| |
(e) | may provide for circumstances in which alteration of a rate of interest |
| |
is or is not to be take place, and |
| 45 |
|
| |
|
| |
|
(f) | may provide that alterations of rates are to have effect for periods |
| |
beginning on or after a day determined in accordance with the |
| |
regulations in relation to interest running from before that day as well |
| |
as from or from after that day. |
| |
| 5 |
| |
“HMRC” means Her Majesty’s Revenue and Customs; |
| |
“late payment interest” means interest payable under section 100; |
| |
“repayment interest” means interest payable under section 101; |
| |
“revenue” has the meaning given in section 5(4) of CRCA 2005. |
| 10 |
(2) | A reference to the date on which an amount becomes due and payable is a |
| |
reference to the date (however described) on or before which the amount must |
| |
| |
(3) | Sections 100 to 102 come into force on such day as the Treasury may by order |
| |
| 15 |
(4) | An order under subsection (3)— |
| |
(a) | may commence a provision generally or only for specified purposes, |
| |
| |
(b) | may appoint different days for different provisions or for different |
| |
| 20 |
(5) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional, transitory or saving provision which may appear appropriate in |
| |
consequence of, or otherwise in connection with, those sections. |
| |
(6) | An order under subsection (5) may include provision amending, repealing or |
| |
revoking any provision of any Act or subordinate legislation whenever passed |
| 25 |
or made (including this Act and any Act amended by it). |
| |
(7) | An order under subsection (5) may make different provision for different |
| |
| |
(8) | The following are to be made by statutory instrument— |
| |
(a) | orders under section 100(2) or 101(2), |
| 30 |
(b) | regulations under section 102(1) or (2), and |
| |
(c) | orders under subsection (3) or (5). |
| |
(9) | A statutory instrument containing— |
| |
(a) | an order under section 100(2) or 101(2), |
| |
(b) | regulations under section 102(1) or (2), |
| 35 |
(c) | an order under subsection (5) which includes provision amending or |
| |
repealing any provision of an Act, |
| |
| is subject to annulment in pursuance of a resolution of the House of Commons. |
| |
104 | Miscellaneous amendments |
| |
(1) | Section 239 of ITA 2007 (date from which interest is chargeable when EIS relief |
| 40 |
is withdrawn or reduced) is amended as follows. |
| |
| |
|
| |
|
| |
|
(a) | for “in column 1 of the following table” substitute “in subsection (2)”, |
| |
(b) | for “given by the corresponding entry in column 2 of the table” |
| |
substitute “31 January next following the tax year for which the |
| |
| |
| 5 |
(3) | For subsection (2) substitute— |
| |
| |
| |
| |
| 10 |
any of sections 181 to 188, |
| |
| |
| |
| |
| 15 |
| |
| |
(4) | The following provisions (which require HMRC to make an order specifying |
| |
the new rate of interest when that rate is changed by operation of regulations) |
| |
| 20 |
(a) | section 178(5) of FA 1989, and |
| |
(b) | section 197(5) of FA 1996. |
| |
| |
105 | Penalties for failure to make returns etc |
| |
(1) | Schedule 55 contains provision for imposing penalties on persons in respect of |
| 25 |
failures to make returns and other documents relating to liabilities for tax. |
| |
(2) | That Schedule comes into force on such day as the Treasury may by order |
| |
| |
(3) | An order under subsection (2)— |
| |
(a) | may commence a provision generally or only for specified purposes, |
| 30 |
| |
(b) | may appoint different days for different provisions or for different |
| |
| |
(4) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional, transitory or saving provision which may appear appropriate in |
| 35 |
consequence of, or otherwise in connection with, Schedule 55. |
| |
(5) | An order under subsection (4) may include provision amending, repealing or |
| |
revoking any provision of any Act or subordinate legislation whenever passed |
| |
or made (including this Act and any Act amended by it). |
| |
(6) | An order under subsection (4) may make different provision for different |
| 40 |
| |
(7) | An order under this section is to be made by statutory instrument. |
| |
|
| |
|
| |
|
(8) | A statutory instrument containing an order under subsection (4) which |
| |
includes provision amending or repealing any provision of an Act is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| |
106 | Penalties for failure to pay tax |
| |
(1) | Schedule 56 contains provision for imposing penalties on persons in respect of |
| 5 |
failures to comply with obligations to pay tax. |
| |
(2) | That Schedule comes into force on such day as the Treasury may by order |
| |
| |
(3) | An order under subsection (2)— |
| |
(a) | may commence a provision generally or only for specified purposes, |
| 10 |
| |
(b) | may appoint different days for different provisions or for different |
| |
| |
(4) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional, transitory or saving provision which may appear appropriate in |
| 15 |
consequence of, or otherwise in connection with, Schedule 56. |
| |
(5) | An order under subsection (4) may include provision amending, repealing or |
| |
revoking any provision of any Act or subordinate legislation whenever passed |
| |
or made (including this Act and any Act amended by it). |
| |
(6) | An order under subsection (4) may make different provision for different |
| 20 |
| |
(7) | An order under this section is to be made by statutory instrument. |
| |
(8) | A statutory instrument containing an order under subsection (4) which |
| |
includes provision amending or repealing any provision of an Act is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| 25 |
107 | Suspension of penalties during currency of agreement for deferred payment |
| |
(1) | This section applies if— |
| |
(a) | a person (“P”) fails to pay an amount of tax falling within the Table in |
| |
subsection (5) when it becomes due and payable, |
| |
(b) | before the date on which P becomes liable to any penalty for that |
| 30 |
failure, P makes a request to an officer of Revenue and Customs that |
| |
payment of the amount of tax be deferred, and |
| |
(c) | whether before or after that date, an officer of Revenue and Customs |
| |
agrees that payment of that amount may be deferred for a period (“the |
| |
| 35 |
(2) | P is not liable to a penalty for failing to pay the amount mentioned in |
| |
| |
(a) | the penalty falls within the Table, and |
| |
(b) | P would (apart from this subsection) become liable to it during the |
| |
| 40 |
| |
(a) | P breaks the agreement (see subsection (4)), and |
| |
|
| |
|
| |
|
(b) | an officer of Revenue and Customs serves on P a notice specifying any |
| |
penalty to which P would become liable apart from subsection (2), |
| |
| P becomes liable, at the date of the notice, to that penalty. |
| |
(4) | P breaks an agreement if— |
| |
(a) | P fails to pay the amount of tax in question when the deferral period |
| 5 |
| |
(b) | the deferral is subject to P complying with a condition (including a |
| |
condition that part of the amount be paid during the deferral period) |
| |
and P fails to comply with it. |
| |
(5) | The taxes and penalties referred to in subsections (1) and (2) are— |
| 10 |
| | | | | | Income tax or capital gains tax |
| Surcharge under section 59C(2) or (3) of TMA |
| | | | | | | | | | Surcharge under section 59(4) or 59A(4) of |
| | | | | | | 15 | | | Penalty interest under paragraph 5 of Schedule |
| | | | | | | | | | Penalty interest under paragraph 82 of |
| | | | | | | | | | Penalty interest under paragraph 27(2) of |
| | 20 | | | | | | | | Penalty under paragraph 15(2) or (3) of |
| | | | | Schedule 7 to FA 1994 which is payable by |
| | | | | virtue of paragraph 15(1)(a) of that Schedule. |
| | | | | Penalty under section 9(2) or (3) of FA 1994 |
| | 25 | | | which is imposed for a failure to pay an amount |
| | | | | of any duty of excise or an amount payable on |
| | | | | account of any such duty. |
| | |
|
(6) | If the agreement mentioned in subsection (1)(c) is varied at any time by a |
| |
further agreement between P and an officer of Revenue and Customs, this |
| 30 |
section applies from that time to the agreement as varied. |
| |
(7) | The Treasury may by order amend the Table by adding or removing a tax or a |
| |
| |
(8) | An order under subsection (7) is to be made by statutory instrument. |
| |
(9) | A statutory instrument containing an order under subsection (7) is subject to |
| 35 |
annulment in pursuance of a resolution of the House of Commons. |
| |
(10) | In this section, except in the entries in the Table, “penalty” includes surcharge |
| |
| |
(11) | This section has effect where the agreement mentioned in subsection (1)(c) is |
| |
made on or after 24 November 2008. |
| 40 |
|
| |
|