DMBM210144 - Payment Allocation, Overpayments and Repayments: Stranded Repayment Interest and Incorrect Credits: Disposal to Permanent Overpayments Classification 9

The majority of this manual will be archived on 30 Apr 2024. If there is content within this manual you use regularly, email hmrcmanualsteam@hmrc.gov.uk to let us know.

Where you need to dispose of stranded repayment interest or an incorrect credit<ul><li class="filledcircle">transfer the amount to OAS using the existing reallocation function for the appropriate head of duty.</li></ul>When the item appears on the OAS statement<ul><li class="filledcircle">use IRIS function INP221 to reclassify the amount (which can be of any size) to POP classification 9 (Surplus credit). For information about using function INP221 see IRIS3043.</li></ul>Any amount disposed of in this way will<ul><li class="dash">show in IRIS Functions COAS and BOAS with an out posting code of SRI (Surplus Repayment Interest)</li><li class="dash">be identified as a separate type of POP on the Annual Balance listings and accumulations - these amounts do not need to be authorised and verified</li><li class="dash">be shown at Section E (POP) of the OAS Analysis Statement - this statement provides cumulative totals of items and amounts for each posting type, and at the end of each month the cumulative totals are reported to Finance Office. </li></ul>