Schedule 4 | Interest Payable Under The Tax Acts By Or To Companies | Finance Act 1998 C36

SCHEDULE 4 Interest Payable under the Tax Acts by or to Companies

Finance Act 1998 (1998 c 36) | Legislation

SCHEDULE 4 Interest Payable under the Tax Acts by or to Companies

Section 35 Interest on overpaid or early paid corporation tax

(1) In section 826(2) of the Taxes Act 1988 (which defines “the material date” for the purposes of interest on overpaid corporation tax) at the beginning there shall be inserted “Subject to section 826A(2),”.

(2) After section 826 of the Taxes Act 1988 there shall be inserted—

“826A Interest on payments in respect of corporation tax and meaning of “the material date”

(1) The Treasury may by regulations make provision applying section 826, with such modifications as may be prescribed, for the purpose of conferring on companies of such descriptions as may be prescribed a right to interest—

(a) on such payments made by them in respect of corporation tax as may be prescribed,

(b) at the rate applicable under section 178 of the Finance Act 1989, and

and for treating any such interest for the purposes, or prescribed purposes, of the Tax Acts as interest under section 826(1)(a) on a repayment of corporation tax.

(2) The Treasury may by regulations make provision modifying section 826(2)