54 Penalties, interest and VAT surcharges [and interest]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Penalties, interest and VAT surcharges [and interest]

54  Penalties, interest and VAT surcharges [and interest]

(1)     In calculating the profits of a trade, no deduction is allowed for any penalty or interest mentioned in the first column of the following table.

(2)     This is the table—

Penalty or interestDescription of tax, levy or duty
Interest under any provision of Part 9 of TMA 1970Income tax, capital gains tax and corporation tax
Interest under section 74
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