Interest provisions for late payment, repayment and penalties


The detail of how interest is applied to late payments for corporation tax, Stamp Duty and SDLT and to penalties imposed for failure to comply with obligations under PAYE, is to be clarified.

New provisions will also clarify and confirm the basis for interest calculations in respect of Diverted Profit Tax and repayment interest by HMRC, and ensure that the 2009 interest provisions apply in relation to penalties charged under the Promoters of Tax Avoidance Schemes (POTAS) legislation.

From Royal Assent of the Finance Bill 2018/19, the changes will have retrospective and prospective effect from the date the relevant interest was first applied.

Added By: Sue Taylor on 01st Nov 2018 - 14:12
Number of Views: 356
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