A6.922 Interest

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Commentary

Administration and compliance

PAYE and Construction industry scheme (CIS)

Interest is charged on late payment of:

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•�� income tax and Class 1 National Insurance contributions deducted at source under the PAYE regulations¹, and
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•�� amounts deducted² by a contractor under the construction industry scheme³

from the due date until the date of payment. Such interest is not deductible in computing profits or losses for tax purposes⁴.

2014/2015 and subsequent tax years

The FA 2009 harmonised interest regime applies to amounts

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I4.265 Lifetime transfers reported late

I9.421 Situs of simple contract debts for IHT

B2.306 General tests for distinguishing between capital and revenue expenditure

E4.11120 Additional annual returns by employers—overview

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A6.922 Interest

Administration and compliance

PAYE and Construction industry scheme (CIS)

2014/2015 and subsequent tax years

I4.265 Lifetime transfers reported late

I9.421 Situs of simple contract debts for IHT

B2.306 General tests for distinguishing between capital and revenue expenditure

E4.11120 Additional annual returns by employers—overview

B5.812A Particular charitable bodies

B5.820 Charity's profits of trade—general liability to income tax

I4.562 Sales and mortgages of reversionary interests

D2.250 Group relief—limited rights, variable rights and options attaching to ordinary shares

C3.304 Rollover relief—expenditure on replacement assets qualifying for relief

I8.335 Valuation on death of partner in service

B2.319 Duality of purpose—apportionment of the expenditure

D1.404B Large company definition for R&D tax relief

E4.1167 Payments made after leaving and after issue of form P45

I5.221 Lifetime termination of QIIP—general

D1.1061 Substantial shareholding exemption—interaction with other reliefs

I11.215 IHT accounts—excepted settlements

I5.1122 More than one settlor (income tax and CGT)

D6.711 Liquidation—capital gains implications

C2.1016 Option to subscribe for shares in a company (share warrants)

D6.330 Special situations involving a transfer of trade with common ownership—business of leasing plant or machinery

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A6.922 Interest

Administration and compliance

PAYE and Construction industry scheme (CIS)

2014/2015 and subsequent tax years

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