Part V Interest
Finance Act 1994 (1994 c 9) | Legislation

Part V Interest

Interest on tax etc

21

(1)     Where an assessment is made under any provision of section 56 of this Act, the whole of the amount assessed shall carry interest at [the rate applicable under section 197 of the Finance Act 1996] from the reckonable date until payment; but this is subject to sub-paragraph (2) and paragraph 25(7) below.

(2)     Sub-paragraph (1) above shall not apply in relation to an assessment under section 56(1) of this Act unless at least one of the following conditions is fulfilled, namely—

(a)     that the assessment relates to an accounting period in respect of which either a return has previously been made, or an earlier assessment has already been notified to the person concerned;

(b)     that the assessment relates to an accounting period which exceeds three months and begins on the date with effect from which the person was, or was required to be, registered under this Part of this Act.

(3)     In a case where—

(a)     the circumstances are such that a relevant assessment could have been made, but

(b)     before such an assessment was made the tax due or other amount concerned was paid (so that no such assessment was

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