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HMRC internal manual

COTAX Manual

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HM Revenue & Customs
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Interest: interest work lists: legislation

The table below gives a brief explanation of what the legislation relevant to this subject contains

Section Explanation
   
87A TMA 1970 The legislation charging late payment interest on mainstream CT
87A(4) TMA 1970 Provides that a carry-back of surplus ACT is not effective for late payment interest purposes until the normal due date (Word 49KB) for the AP in which the surplus arises
87A(4A) TMA 1970 Provides that a carry-back of a non-trading deficit on loan relationships is not effective for late payment interest purposes until the normal due date for the AP in which the deficit arises
87A(4B) TMA 1970 When ACT that becomes surplus as a result of the carry-back of a non-trading deficit is itself carried-back, interest runs to the normal due date of the AP from which the non-trading deficit was carried back
87A(6) TMA 1970 Provides that a carry-back of a trading loss is not effective for interest purposes until the normal due date for the AP in which the loss is incurred, unless the carry-back is for not more than twelve months
87A(7) TMA 1970 ACT that becomes surplus as the result of loss relief being carried back may be carried back to a still earlier AP. Interest on the displaced ACT runs to the normal due date of the AP from which the loss was carried back
239(3) ICTA 1988 Claim to carry back surplus ACT, and treat it as ACT paid in respect of an AP beginning in the previous six years
393A ICTA 1988 Allows a company to carry back a trade loss, for losses arising in APs ending in the period from 01/04/1991 to 01/07/1997

That cannot be utilised against profits arising in the AP in which the loss is incurred

For up to three years preceding the loss period    
  455 CTA 2010 (formerly 419 ICTA 1988) Tax on a loan or advance made by a close company to a participator (for example a Company Director)
  455(3) CTA 2010 (formerly 419(3) ICTA 1988) Determines the due date for tax due under Section 455 CTA 2010
  458 CTA 2010 (formerly 419(4) ICTA 1988) Relief in terms of tax against an assessment made under S455 CTA 2010 when the loan or advance to the participator has been repaid (or repaid in part)
  83(2) FA 1996 Allows a company to carry back a non trading deficit arising in APs ending in the period from 01/04/1996 to 01/07/1997

That cannot be utilised against profits arising in the AP in which the non trade deficit is incurred

For up to three years preceding the non trade deficit period    
  39 F(No2)A 1997 Amends S393A ICTA 1988, so that losses arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year
  40 F(No2)A 1997 Amends 83(2) FA 1996, so that non trading deficits arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year