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.