PART 6INTEREST
CHAPTER 1INTEREST ON AMOUNTS PAYABLE TO WRA
F2...
I1157F1Late payment interest on devolved taxes
1
This section applies to an amount of devolved tax—
a
stated in a tax return as—
i
the tax chargeable, or
ii
if the tax return is a further return made by the buyer in a land transaction, the land transaction tax (or additional land transaction tax) payable;
b
payable—
i
as a result of an amendment to a tax return under section 41, 45 or 50;
ii
as a result of a correction to a tax return under section 42;
iii
in accordance with an assessment made in addition to a tax return under section 54 or 55, or
c
payable in accordance with—
i
a determination under section 52, or
ii
an assessment under section 54 or 55,
made in place of a tax return which was required to be made.
F41A
This section also applies to an amount of landfill disposals tax charged by a charging notice issued under section 49 or 50 of LDTA.
2
If the amount is not paid before the late payment interest start date, the amount carries interest (referred to in this Part as “"late payment interest””) at the late payment interest rate for the period—
a
beginning with the late payment interest start date, and
b
ending with the date of payment.
3
The late payment interest start date is —
a
in the case of an amount falling within subsection (1)(a) or (b), the date after the filing date for the tax return;
b
in the case of an amount falling within subsection (1)(c) the date after the filing date for the tax return which was required to be made.
F5c
in the case of an amount falling within subsection (1A), the date immediately after the end of the period specified in section 51 of LDTA.
4
But where section 160 applies the late payment interest start date is the date specified in that section.
C1157ALate payment interest on penalties
1
This section applies to an amount of penalty F6relating to devolved tax.
2
If the amount is not paid on or before the date by which it is required to be paid, the amount carries interest (referred to in this Part as “"late payment interest””) at the late payment interest rate for the period—
a
beginning with the following day, and
b
ending with the date of payment.
3
But where section 160 applies, the late payment interest start date is the date specified in that section.
157BF3Late payment interest on amounts payable in respect of tax credit
1
This section applies to an amount payable in respect of a tax credit.
2
If the amount is not paid on or before the date by which it is required to be paid, the amount carries interest (referred to in this Part as “late payment interest”) at the late payment interest rate for the period—
a
beginning with the late payment interest start date, and
b
ending with the date of payment.
3
Where the amount is payable as a result of a WRA assessment in a case involving a situation mentioned in section 55A(a) or (b), the late payment interest start date is—
a
if the tax credit in question was claimed in a tax return, the day after the filing date for the tax return;
b
if the tax credit in question was claimed by any other means, the day after that on which an amount equal to the amount was paid to a person in respect of the claim.
4
Where the amount is payable as a result of a WRA assessment in a case involving a situation mentioned in section 55A(c), the late payment interest start date is the day after that by which the amount was required to be paid.
5
But where section 160 applies, the late payment interest start date for the purposes of this section is the date specified in that section.
I2158Late payment interest: supplementary
1
This section applies for the purposes of sections 157 F7, 157A and 157B.
2
Late payment interest is not payable on late payment interest.
3
A late payment interest start date may be a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882 (c. 61).
4
The date of payment, in relation to an amount, includes the date on which the amount is set off against an amount payable by WRA.
5
“"Late payment interest rate”” has the meaning given by section 163(1).
S. 157 cross-heading omitted (25.1.2018) by virtue of Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 23 para. 57; S.I. 2018/34, art. 2(b)(ii)