COM82031 - Interest: interest objections and amendments: legislation
The legislation relating to interest objections and amendments is shown below. The table gives a brief explanation of what the legislation contains.
| Section | Explanation |
|---|---|
Part 4 Corporation Taxes Act (CTA) 2010 | Deals with loss relief. |
S87A Taxes management Act (TMA) 1970, as extended by regulation 7) of Corporation Tax (Instalments Payments) Regulations SI 1998, No 3175 | Debit interest is charged on late or insufficient payment of quarterly instalments from the quarterly instalment due dates to the date of payment or normal due date. |
S87A TMA 1970 (as extended by regulation 8) of Corporation Tax (Instalments Payments) Regulations SI 1998, No 3175 | Credit interest is charged on early or excessive payments of corporation tax from the quarterly instalment due dates to the date of payment or normal due date. |
87A TMA 1970 | Interest is charged from the normal due date (please see Glossary) to the date of payment. |
87A(4A) TMA 1970 | Interest when a non-trading deficit is carried back to an earlier AP runs to the normal due date of the AP from which it was carried back. |
87A(6) TMA 1970 | Provides that the 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 to a period that falls wholly within the twelve months before the AP in which the loss is incurred. |
455 CTA 2010 | Tax on a loan or advance by a close company to a participator such as a Company Director, or an associate of a participator. |
455 CTA 2010 | Determines the due date for tax due under S455 CTA 2010. |
458 CTA 2010 | Relief in terms of tax against a charge under S455 CTA 2010 or S419 ICTA 1988 when a loan or advance to a participator has been repaid, or repaid in part, on or after 1 April 2010. |
419(4) Income and Corporation Tax Act (ICTA) 1988 | Relief in terms of tax against a charge under S419 ICTA 1988 when a loan or advance to a participator has been repaid, or repaid in part, before 1 April 2010. |