Schedule 2: Transitionals and savings Exemption for interest on tax overpaid for accounting periods ending before 1 July 1999
3527.Section 34 of FA 1998 removed the exemption from corporation tax for interest under section 826(1) of ICTA (interest on tax overpaid) for payments made in accounting periods ending on or after 1 July 1999. Section 826(5A) of ICTA, which provides that the exemption does not apply for corporation tax purposes, is not rewritten in this Act as the interest naturally falls to be charged as income by Part 5 of this Act.