Introduction Background Note
8.This section provides the full definition of all terms quoted throughout the legislation. In addition the section provides for any amendments, repeals or general changes which may need to be made, prescribing how and in which manner such changes can be made.
9.This section provides for the commencement of the new harmonised interest regimes by a series of orders over time, so providing for a phased introduction. This is particularly relevant for those taxes where interest is not currently applied. This will allow time to ensure that clear guidance is available for taxpayers and their advisors and that HM Revenue & Customs’ staff are trained in the new rules so that effective advice can be given to taxpayers.
10.The section also provides for a definition of the process for introducing any orders and how and when any orders would be introduced or annulled.