|
|
|
Covid-19: interest charge on relevant person under section 1080B
|
| |
73. The Principal Act is amended by the insertion of the following section after section 1080B:
|
|
| |
“Covid-19: interest charge on relevant person under section 1080B
|
|
| |
1080C. (1) In this section—
|
|
| |
‘Covid-19 income tax’ has the same meaning as it has in section 1080B;
|
|
| |
‘Covid-19 liabilities’ has the same meaning as it has in section 991B;
|
|
| |
‘material interest’ shall be construed in accordance with section 997A(1)(b);
|
|
| |
‘relevant emoluments’ means emoluments paid by a relevant employer to a relevant person;
|
|
| |
‘relevant employer’ means a company—
|
|
| |
(a) in which a relevant person has a material interest, and
|
|
| |
(b) of which the relevant person is an employee;
|
|
| |
‘relevant person’ has the same meaning as it has in section 1080B.
|
|
| |
(2) This section shall apply to a relevant person where—
|
|
| |
(a) section 991B applies to a relevant employer of the relevant person, and the relevant employer has complied with paragraphs (b) and (c) of subsection (8) of that section, and
|
|
| |
(b) section 1080B applies to the relevant person and the relevant person has complied with paragraphs (b), (c) and (d) of subsection (11) of that section.
|
|
| |
(3) Subject to subsection (4), where this section applies to a relevant person, notwithstanding the satisfaction of the conditions specified in section 1080B(11) by the relevant person, the obligation under section 1080B(11) to pay simple interest shall not apply to the amount of Covid-19 income tax remaining unpaid on relevant emoluments of the relevant person.
|
|
| |
(4) Where a relevant employer fails to pay Covid-19 liabilities or interest in accordance with an agreement referred to in section 991B(8)(c) and the conditions specified in section 1080B(11) are satisfied by the relevant person, the obligation under section 1080B(11) to pay simple interest shall apply in respect of any amount of Covid-19 income tax remaining unpaid on relevant emoluments of the relevant person from the date on which the relevant employer first fails to comply with the employer’s payment obligations under the agreement.”.
|
