Finance Act, 1982
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Chapter X Anti-avoidance and Anti-evasion | ||
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Interest on unpaid taxes in cases of fraud or neglect. |
59.—(1) This section applies to interest chargeable under— | |
(a) sections 20 (2) and 50 (2) of the Finance Act, 1971 , and | ||
(b) section 145 (4) of the Corporation Tax Act, 1976 . | ||
(2) Where any interest to which this section applies is chargeable for any month commencing on or after the 1st day of November, 1982, or any part of such a month, in respect of tax due to be paid or remitted whether before, on or after such date, such interest shall be chargeable at the rate of 2 per cent. for each month or part of a month instead of at the rate of 1.25 per cent. mentioned in section 46 (2) of the Finance Act, 1978 . | ||
(3) In this section “tax” means income tax, sur-tax, capital gains tax, corporation profits tax or corporation tax, as may be appropriate. |