Part VI Interest
Finance Act 1996 (1996 c 8) | Legislation

Part VI Interest

Interest on under-declared tax

26

(1)     Sub-paragraph (2) below applies where—

(a)     under section 50(1) of this Act the Commissioners assess an amount of tax due from a [registered person] for an accounting period and notify it to him, and

(b)     the assessment is made on the basis that the amount (the additional amount) is due from him in addition to any amount shown in a return made in relation to the accounting period.

(2)     The additional amount shall carry interest for the period which—

(a)     begins with the day after that on which the person is required by provision made under section 49 of this Act to pay tax due from him for the accounting period, and

(b)     ends with the day before the relevant day.

(3)     For the purposes of sub-paragraph (2) above the relevant day is the earlier of—

(a)     the day on which the assessment is notified to the person;

(b)     the day on which the additional amount is paid.

(4)     Sub-paragraph (5) below applies where under section 50(2) of this Act the Commissioners assess an amount as being tax due from a [registered person] for an accounting period

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