1232. Interest on tax and penalties.

Interest is payable on the amount of any unpaid tax from the end of the period of either 14 or 30 days after the relevant date1 until the tax is paid, depending on how the relevant date is required to be calculated2. If an amount is lodged with Her Majesty's Revenue and Customs (HMRC) in respect of the tax, the amount on which interest is payable is reduced by that amount