Finance Act, 1971
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Amendment of section 31 of Finance Act, 1964. |
48.—In relation to assessments made on or after the date of the passing of this Act, section 31 of the Finance Act, 1964 , is hereby amended— | |
(a) by the insertion in subsection (1) after “repaid” of “with interest at the rate provided by section 14 (1) of the Finance Act, 1962 , from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made”, and | ||
(b) by the addition to subsection (1) of the following proviso: | ||
“Provided that— | ||
(a) interest shall not be payable under this subsection if it amounts to less than £1, and | ||
(b) income tax shall not be deductible on payment of interest under this section and such interest shall not be reckoned in computing profits for purposes of corporation profits tax.”, and | ||
(c) by the insertion after subsection (1) of the following subsection: | ||
“(1 A) Where, in a case in which notice of appeal has been given against an assessment to corporation profits tax and in which there is no agreement of the kind referred to in subsection (1), the appellant pays an amount of tax on account of the tax charged by the assessment under appeal which is in excess of the tax found to be chargeable by the assessment on the determination of the appeal, the provisions of subsection (1) shall apply as if the overpayment of tax had arisen by reason of a payment made in accordance with an agreement of the kind aforesaid.”. |