Finance Act 2013

Amendment of section 51 (payment of tax and interest on tax) of Principal Act.

86.— (1) Section 51 of the Principal Act is amended—

(a) by inserting the following after subsection (1):

“(1A) (a) Simple interest is payable, without deduction of income tax, on the tax arising by reason of section 15(1) or 20(1) from the valuation date to the date of payment of that tax, and the amount of that interest shall be determined in accordance with paragraph (c) of subsection (2).

(b) Interest payable in accordance with paragraph (a) is chargeable and recoverable in the same manner as if it were part of the tax.”,


(b) in subsection (2)(c)(ii) by substituting “paragraph (a) of this subsection and paragraph (a) of subsection (1A)” for “paragraph (a)”.

(2) This section applies to inheritances taken by a discretionary trust (within the meaning of the Principal Act) by virtue of section 15(1) or 20(1) of the Principal Act on or after the passing of this Act.