INTM333550 - Double Taxation Applications and Claims: repayment interest: What information is required to calculate repayment interest

Information required

There are three dates that you require before you can calculate the repayment interest due on a repayment, or a payment of tax credit:

• the date on which the original payment was made by the UK payer of the income
• the date of issue of the repayment (or payment of tax credit) and
• the date the company’s accounting period ended for the period during which it received the income.

Companies usually prepare their accounts for a 12 month period but occasionally the accounts will be for a shorter or longer period.

There are examples

• for a 12 month accounting period at INTM333560 (the same basis of calculation applies for an accounting period of less than 12 months)
• for a period longer than 12 months at INTM333570.