Part 6: Administration and enforcement Section 52: Rate of interest applicable to judgment debts etc. in taxation matters Details of the section
Subsections (1) & (2) set out that the provision relates only to sums payable by or to HMRC under an order or judgment of the High Court or County Court, and in respect of interest only.
	Subsection (3) provides that the late payment rate of interest in accordance with section 103(1) Finance Act 2009 applies to tax-related judgment debts where HMRC is the creditor, and a new special repayment rate of interest applies to tax-related judgment debts where HMRC is the debtor.
	Subsection (4) sets out that subsection (3) does not affect a court's power to award interest at a rate lower than the late repayment rate or the special repayment rate. It also provides that a lower rate set out in such an award cannot be capable of exceeding at a later date the late repayment rate or the special repayment rate.
	Subsection (5) provides that where a judgment debt is not in sterling, and judgment interest is awarded under the Administration of Justice Act 1970 or corresponding County Courts Act 1984 provisions, the rate of any interest awarded cannot be higher, and cannot be capable of ever being higher, than the late payment rate (where HMRC is the creditor) or the special repayment rate (where HMRC is the debtor).
	Subsection (6) provides the formula by which the special repayment rate of interest is calculated: Bank of England Base Rate plus 2%.
	Subsection (7) provides for the day on which the special repayment rate changes following a meeting of the Bank of England Monetary Policy Committee.
	Subsection (8) provides that HM Treasury may, by regulation, repeal subsections (6) & (7) in favour of setting out the special repayment rate and operative date in regulations.
	Subsection (9) sets out the scope of the regulations made under subsection (8).
	Subsection (10) provides that a Statutory Instrument made under subsection (8) is subject to annulment by resolution of the House of Commons.
	Subsection (11) provides that where a tax-related judgment debt is awarded to or against HMRC under the Crown Proceedings Act 1947, the rate of interest awarded is that specified in subsection (3), that is, either late payment interest or special repayment interest.
	Subsection (12) provides that the new rates of interest apply from 8 July 2015 on existing as well as new judgments, and whether or not judgment interest has already accrued prior to 8 July 2015.
	Subsections (13) & (14) provide for a situation where a payment of judgment interest, at a rate higher than the special repayment rate, is made by HMRC prior to Royal Assent of the Finance Bill 2015 relating to a period commencing on or after 8 July 2015. The subsections provide for the awarding court to order repayment of the difference between the interest paid and that due under the special repayment rate.
	Subsection (15) defines Commissioners as being the Commissioners for Her Majesty's Revenue & Customs, taxation matter being anything (other than National Insurance contributions) which are the responsibility of HMRC (or previously the Inland Revenue or HM Customs & Excise), and working day by reference to the Bills of Exchange Act 1882.
	Subsection (16) clarifies that the section applies only to England and Wales.