Introduction Summary
1.Section 105 sets out amendments to current legislation on interest charged and paid by HM Revenue & Customs (HMRC). The section provides the due date for income tax charged where relief under the Enterprise Investment Scheme (EIS) is withdrawn from a taxpayer. The section provides that the rate of interest paid on repayments of estate duty, capital transfer tax and inheritance tax (IHT) is the same as the rate paid for other taxes. It also clarifies the link between interest on repayments of IHT and the interest rate setting legislation in section 178 of the Finance Act (FA) 1989. Finally the section makes changes to existing interest rate setting provisions so that in future interest rates can change automatically.