16U.K.[F1Subject to paragraph 17 below] where any amount of tax charged by an assessment to tax [F2or paid on account of tax so charged] becomes repayable under any provision of this Part of this Act that amount shall carry interest at the [F3rate applicable under section 178 of the Finance Act 1989][F4from—
(a)two months after the end of the chargeable period for which the assessment was made; or
(b)the date on which it was paid,
whichever is the later, until [F5the order for repayment is issued]].
Textual Amendments
F1Words inserted by Finance Act 1990 (c. 29, SIF 63:1), s. 121(2)
F2Words inserted by Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2 in relation to tax charged for any period ending on or after 31 December 1979
F3Words substituted by Finance Act 1989 (c. 26), s. 179(1)(4) and S.I. 1989 No. 1298 (C. 44) for periods beginning on or after 18 August 1989
F4Words substituted by Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2 in relation to tax charged for any period ending on or after 31 December 1979
F5Words substituted by Finance Act 1989 (c. 26), s. 180(2)(a) and (7) which amendment is deemed always to have had effect
Modifications etc. (not altering text)
C1Rates applicable: 12 per cent. for periods after 31 December 1979 by S.I. 1979 No. 1687; 8 per cent. after 30 November 1982 by S.I. 1982 No. 1587; 11 per cent. after 30 April 1985 by S.I. 1985 No. 563; 8.5 per cent. after 5 August 1986 by S.I. 1986 No. 1181; 9.5 per cent. after 5 November 1986 by S.I. 1986 No. 1832; 9 per cent. after 5 April 1987 by S.I. 1987 No. 513; 8.25 per cent. after 5 June 1987 by S.I. 1987 No. 898; 9 per cent. after 5 September 1987 by S.I. 1987 No. 1492; and 8.25 per cent. after 5 December 1987 by S.I. 1987 No. 1988 (for later orders see Part III). See also S.I. 1989 No. 1297 for regulations made and interest rates set under Finance Act 1989 (c. 26), s. 178
C2By Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2(3) any alteration in the rate mentioned in Sch. 2 para. 15(1) to apply also to Sch. 2 para. 16
C3See Finance Act 1982 (c. 39), s. 139(6) and Sch. 19 para. 13(5) in respect of repayments due in respect of the chargeable period ending on 30 June 1983