Interest: Companies - Accounting Periods Ending before 01/07/99
CTPF APs: ending 01/10/93 to 30/06/99
Essentially the same interest provisions apply as for CTSA periods (TMA70/S87A) - see EM4030.
Note: One exception relates to liabilities on Close Company loans and advances to participators (CTA10/S455, previously ICTA88/S419) for APs ending between 01/10/93 and 30/03/96, where the tax became due 14 days (rather than 9 months and one day) after the end of the AP in which the loan was made.
APs ending before 01/10/93
This pre-CTPF era became known as “CTA”.
It predates TMA70/S87A. Interest was charged under TMA70/S88 and the pre-SA version of TMA70/S86.
Should help be needed with such an AP approach contact link.
ITA07/Part15/Chapter15 (previously Schedule 16 ICTA 1988)
TMA70/S87 interest accrues on tax that is unpaid for any reason from the date the tax becomes due, that is 14 days after the end of the return period.