Introduction Details of the Schedule
8.Paragraph 1 states that this part sets out the general rule for determining the repayment interest start date, and that this rule is subject to the provisions of Part 2 of this Schedule.
9.Paragraph 2 state that where an amount has been paid to HMRC, the repayment interest start date is the later of the date when the amount now being repaid was paid to HMRC and the date the payment became due and payable where an amount has been paid in connection with a liability and is now to be repaid.
10.Paragraph 5 provides that for amounts not previously paid to HMRC but that are payable by HMRC as the result of a return being filed or a claim being made, the repayment interest start date is the later of the filing date for the return or the date the claim was required to be made (if any), or the date the return or claim was filed or made.
11.Paragraph 6 restates section 824(3)(b) of the Income and Corporation Taxes Act 1988 (ICTA) by providing that the repayment interest start date for repayments of income tax deducted at source for a year of assessment is 31 January next following that year.
12.Paragraph 7 sets the repayment interest start date at 31 January next following the year that is the later year in relation to the claim for certain claims to carry back loss relief and for the averaging of profits of farmers.
13.Paragraph 8 concerns the application of repayment interest in prescribed Mortgage Interest Relief at Source (MIRAS) cases and replaces section 824(3)(aa)(i) of ICTA.
14.Paragraph 9 concerns the application of repayment interest to repayments made as a result of a claim under section 228 of the Income Tax Act 1952 and is designed to replace section 824(2A) of ICTA.
15.Paragraph 10 recreates the effect of section 236(2) of the Inheritance Act 1984 (IHTA) to provide that where an amount of inheritance tax is overpaid as a result of an order made under the specified sections that repayment interest will run from when that order was made.
16.Paragraph 11 provides the repayment interest start date to be used where a claim is made under the prescribed sections.
17.Paragraph 12 provides the repayment interest start date where an amount is repayable under section 147(2) of IHTA.
18.Paragraph 13 is designed to replace section 824(4) of ICTA in so far as attributing repayment made in respect of income tax.
19.Paragraph 13(2) sets out how the repayment should be attributed to payments of tax.
20.Paragraph 13(3) sets out how the repayment should be attributed to instalment payments of income tax.
21.Paragraph 14 replaces section 824(4A) of ICTA and explains the meaning of income tax deducted at source for the purpose of this Schedule.