738. Repayment supplement in respect of delayed tax repayments to individuals.

A repayment made by the Commissioners for HM Revenue and Customs or an officer of Revenue and Customs of any of the following, namely:

  1.  

    (1)     an amount paid on account of income tax1;

  2.  

    (2)     any income tax paid by or on behalf of an individual for a year of assessment;

  3.  

    (3)     a penalty for late payment of tax2; and

  4.  

    (4)     a penalty incurred by an individual3,

must be increased by an amount (a 'repayment supplement') equal to interest on the amount repaid at the prescribed rate