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HMRC internal manual

Debt Management and Banking Manual

From
HM Revenue & Customs
Updated
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Payment Allocation, Overpayments and Repayments: Stranded Repayment Interest and Incorrect Credits: Disposal to Permanent Overpayments Classification 9

Where you need to dispose of stranded repayment interest or an incorrect credit

  • transfer the amount to OAS using the existing reallocation function for the appropriate head of duty.When the item appears on the OAS statement

  • 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.Any amount disposed of in this way will

  • show in IRIS Functions COAS and BOAS with an out posting code of SRI (Surplus Repayment Interest)
  • 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
  • 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.