Finance Act 2020

Amendment of section 629 of Principal Act (deferral of exit tax)

25. (1) Section 629(9) of the Principal Act is amended by substituting the following paragraph for paragraph (a):

“(a) Simple interest shall be payable in respect of an amount of tax which is due and payable and which remains unpaid, and shall be calculated, from the specified date to the date of payment, for any day or part of a day during which that amount of tax remains unpaid (and by reference to the outstanding balance of that amount, as distinct from being by reference to an amount of a particular instalment due) at the prevailing rate specified in the Table to subsection (2)(c)(ii) of section 1080.”.

(2) This section shall apply to amounts of tax referred to in section 629 of the Principal Act which remain unpaid on or after 14 October 2020.