SCHEDULES

I11I14I15I16I21I12I19I20I9I17I18I10I22I13I23I3I8I5I1I4I2I7I6SCHEDULE 53Late payment interest

Annotations:
Commencement Information
I11

Sch. 53 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2 (with art. 3)

I14

Sch. 53 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(c)

I15

Sch. 53 in force at 31.10.2011 for specified purposes by S.I. 2011/701, art. 3(1) (with art. 4)

I16

Sch. 53 in force at 1.2.2013 for specified purposes by S.I. 2013/67, art. 2

I21

Sch. 53 in force at 1.4.2013 for specified purposes by S.I. 2013/280, art. 2

I12

Sch. 53 in force at 1.10.2013 for specified purposes by S.I. 2013/2472, art. 2

I19

Sch. 53 in force at 6.5.2014 for specified purposes by S.I. 2014/992, art. 3(1)

I20

Sch. 53 in force retrospectively at 6.5.2014 for further specified purposes by Finance Act 2019 (c. 1), s. 88(6)

I9

Sch. 53 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 4(1) (with art. 4(2))

I17

Sch. 53 in force at 1.1.2015 for specified purposes by S.I. 2014/3324, art. 3

I18

Sch. 53 in force at 1.4.2015 for specified purposes by S.I. 2015/974, art. 2

I10

Sch. 53 in force at 6.4.2018 for specified purposes by S.I. 2018/468, art. 2(a)

I22

Sch. 53 in force at 6.4.2019 for specified purposes by 2019 c. 1, Sch. 2 para. 31

I13

Sch. 53 in force at 1.6.2019 for specified purposes by S.I. 2019/918, art. 2

I23

Sch. 53 in force at 1.6.2019 for specified purposes by S.I. 2019/921, art. 2

I3

Sch. 53 in force at 6.9.2019 for specified purposes by S.I. 2019/1238, art. 2 (with art. 3)

I8

Sch. 53 in force at 5.10.2020 for specified purposes by S.I. 2020/979, art. 3(1)

I5

Sch. 53 in force at 6.4.2021 for specified purposes by S.I. 2021/445, reg. 2;

Sch. 53 in force at 6.4.2021 for specified purposes by 2020 c. 14, Sch. 1 para. 29 (with Sch. 1 paras. 30-34);

Sch. 53 in force retrospectively at 6.4.2021 for specified purposes by 2022 c. 3, Sch. 10 para. 29

I1

Sch. 53 in force at 1.4.2022 for specified purposes by S.I. 2021/1409, reg. 2(a)

I4

Sch. 53 in force at 1.1.2023 for specified purposes by S.I. 2022/1277, reg. 2(2)(b) (with reg. 3)

I2

Sch. 53 in force at 1.5.2023 for specified purposes by S.I. 2023/385, art. 2

I7

Sch. 53 in force at 30.9.2023 for specified purposes by S.I. 2023/997, art. 2

I6

Sch. 53 in force at 4.3.2024 for specified purposes by S.I. 2024/133, art. 2

Part 1Special provision: amount carrying late payment interest

Payments on account and balancing payment

1

1

This paragraph applies where as regards a tax year—

a

payments on account are payable by a person (“P”),

b

P makes a claim under section 59A(3) or (4) of TMA 1970 (reduction of payments on account) in respect of those amounts, and

c

a balancing payment becomes payable by P.

2

Late payment interest is to be calculated as if each of the payments on account had been equal to the lesser of the following amounts—

a

the aggregate of that payment on account and 50% of the balancing payment, and

b

the amount which would have been payable as a payment on account if the claim under section 59A(3) or (4) had not been made.

3

In determining for the purposes of this paragraph what amount (if any) is payable by P as a balancing payment—

a

it is to be assumed that both of the payments on account have been paid,

b

no account is to be taken of any amount which has been paid on account otherwise than under section 59A(2) of TMA 1970, and

c

no account is to be taken of any amount which is payable by way of capital gains tax.

4

In this paragraph—

  • “balancing payment” means an amount payable—

    1. a

      in accordance with section 59B(3), (4) or (5) of TMA 1970, or

    2. b

      in accordance with section 59B(6) of that Act in respect of income tax assessed under section 29 of that Act;

  • “payment on account” means an amount payable in accordance with section 59A(2) of TMA 1970.