PART 6INTEREST
CHAPTER 1INTEREST ON AMOUNTS PAYABLE TO WRA
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I2157F1Late payment interest on devolved taxes
1
This section applies to an amount of devolved tax—
a
stated in a tax return as—
i
the tax chargeable, or
ii
if the tax return is a further return made by the buyer in a land transaction, the land transaction tax (or additional land transaction tax) payable;
b
payable—
i
as a result of an amendment to a tax return under section 41, 45 or 50;
ii
as a result of a correction to a tax return under section 42;
iii
in accordance with an assessment made in addition to a tax return under section 54 or 55, or
c
payable in accordance with—
i
a determination under section 52, or
ii
an assessment under section 54 or 55,
made in place of a tax return which was required to be made.
F51A
This section also applies to an amount of landfill disposals tax charged by a charging notice issued under section 49 or 50 of LDTA.
2
If the amount is not paid before the late payment interest start date, the amount carries interest (referred to in this Part as “"late payment interest””) at the late payment interest rate for the period—
a
beginning with the late payment interest start date, and
b
ending with the date of payment.
3
The late payment interest start date is —
a
in the case of an amount falling within subsection (1)(a) or (b), the date after the filing date for the tax return;
b
in the case of an amount falling within subsection (1)(c) the date after the filing date for the tax return which was required to be made.
F6c
in the case of an amount falling within subsection (1A), the date immediately after the end of the period specified in section 51 of LDTA.
4
But where section 160 applies the late payment interest start date is the date specified in that section.
C1157ALate payment interest on penalties
1
This section applies to an amount of penalty F7relating to devolved tax.
2
If the amount is not paid on or before the date by which it is required to be paid, the amount carries interest (referred to in this Part as “"late payment interest””) at the late payment interest rate for the period—
a
beginning with the following day, and
b
ending with the date of payment.
3
But where section 160 applies, the late payment interest start date is the date specified in that section.
157BF4Late payment interest on amounts payable in respect of tax credit
1
This section applies to an amount payable in respect of a tax credit.
2
If the amount is not paid on or before the date by which it is required to be paid, the amount carries interest (referred to in this Part as “late payment interest”) at the late payment interest rate for the period—
a
beginning with the late payment interest start date, and
b
ending with the date of payment.
3
Where the amount is payable as a result of a WRA assessment in a case involving a situation mentioned in section 55A(a) or (b), the late payment interest start date is—
a
if the tax credit in question was claimed in a tax return, the day after the filing date for the tax return;
b
if the tax credit in question was claimed by any other means, the day after that on which an amount equal to the amount was paid to a person in respect of the claim.
4
Where the amount is payable as a result of a WRA assessment in a case involving a situation mentioned in section 55A(c), the late payment interest start date is the day after that by which the amount was required to be paid.
5
But where section 160 applies, the late payment interest start date for the purposes of this section is the date specified in that section.
I3158Late payment interest: supplementary
1
This section applies for the purposes of sections 157 F8, 157A and 157B.
2
Late payment interest is not payable on late payment interest.
3
A late payment interest start date may be a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882 (c. 61).
4
The date of payment, in relation to an amount, includes the date on which the amount is set off against an amount payable by WRA.
5
“"Late payment interest rate”” has the meaning given by section 163(1).
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S. 159 and cross-heading omitted (25.1.2018) by virtue of Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 23 para. 59; S.I. 2018/34, art. 2(b)(ii)
F3159Late payment interest start date: amendments to assessments etc.
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I1160Late payment interest start date: death of taxpayer
1
This section applies if—
a
a person F9who is—
i
chargeable to an amount of devolved tax or penalty relating to devolved tax, or
ii
required to pay an amount in respect of a tax credit,
dies before the amount becomes payable, and
b
the executor or administrator is unable to pay the amount before obtaining probate or letters of administration or another document having equivalent effect under the law of a country or territory other than England and Wales in relation to the deceased person's estate.
2
The late payment interest start date for that amount is the later of the following—
a
the date which would be the late payment interest start date apart from this section, and
b
the day after the end of the period of 30 days beginning with the grant of probate or letters of administration or another document having equivalent effect under the law of a country or territory other than England and Wales in relation to the deceased person's estate.
S. 157 cross-heading omitted (25.1.2018) by virtue of Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 23 para. 57; S.I. 2018/34, art. 2(b)(ii)