Introduction Details of the Section
2.Subsection (1) provides that the section applies to the late payment of any sums which are payable by a person to HMRC. The section is designed to cover those sums due to be paid to HMRC as imposed by statute, while excluding those sums paid to HMRC as an organisation (such as sums paid in respect of the provision of supplies or rent).
3.Subsection (2) provides for the exclusion of amounts of corporation tax and petroleum revenue tax. In addition this subsection provides a power for the Treasury to specify in an order those other payments which will not fall within the scope of this legislation.
4.Subsection (4) sets out the general rule for the late payment interest start date. This general rule is subject to the special provisions that follow.
5.Subsection (5) introduces Schedule 53 which caters for the exceptions where the general rule set out at subsection (4) where special provisions apply.