SCHEDULES

SCHEDULE 54Repayment interest

Part 1Repayment interest start date: general rule

Introductory

1

1

This Part sets out the general rule for determining the repayment interest start date.

2

The general rule is subject to the special provision made by Part 2.

Repayment of amounts paid to HMRC

2

In the case of an amount which has been paid to HMRC, the repayment interest start date is the later of date A and (where applicable) date B.

3

Date A is the date on which the amount was paid to HMRC.

4

Date B is, in the case of an amount which—

a

has been paid in connection with a liability to make a payment to HMRC, and

b

is to be repaid by them,

the date on which the payment became due and payable to HMRC.

Payment of amounts on return or claim

5

1

In the case of an amount which—

a

has not been paid to HMRC, and

b

is payable by virtue of a return having been filed or a claim having been made,

the repayment interest start date is the later of the dates mentioned in sub-paragraph (2).

2

The dates are—

a

the date (if any) on which the return was required to be filed or the claim was required to be made, and

b

the date on which the return was in fact filed or the claim was in fact made.