Textual Amendments
F1S. 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)
(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.]]
Textual Amendments
F2Ss. 157, 157A, 158 substituted (25.1.2018) for ss. 157, 158 by Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw 1), s. 81(2)(3), Sch. 23 para. 58; S.I. 2018/34, art. 2(b)(ii)