Part 2: Inheritance Tax Section 15: Inheritance tax: interest Details of the section
Subsection (1) amends section 107 of the Finance Act 1986 to provide that the power to make regulations is extended to paragraph 7(7) and (8) of Schedule 53 to the Finance Act 2009 (FA 2009).
	Subsection (2)(a) amends paragraph 7(7) of Schedule 53 FA 2009 to include a reference to a description set out in regulations made under section 107(5) of the Finance Act 1986. Taken together, these changes will enable regulations to be made so that the late payment interest provisions in Schedule 53 FA 2009 relating to inheritance tax instalment payments can be updated.
	Subsection (2)(b) corrects the period from which late payment interest is charged in paragraph 9 of Schedule 53 FA 2009 by referring to the end of the month in which the testator died. The amendment aligns the date with the current provisions in section 234(4) of the Inheritance Taxes Act 1984.
	Subsection (3) provides that the Treasury can make regulations in a statutory instrument to appoint a day for the amendments to come into force.
	Subsection (4) provides for what the regulations under section 3 may do.