Commentary

V18.171 Interest payable by the insurer or taxable intermediary

Part V18 Insurance Premium Tax

V18.171 Interest payable by the insurer or taxable intermediary

Interest

V18.171 Interest payable by the insurer or taxable intermediary

If an assessment is made as described in V18.151–V18.153 the amount of tax assessed shall carry interest at the rate applicable under FA 1996, s 197 from the reckonable date, until payment1. The 'reckonable date' is2:

  1.  

    •     where the tax has been assessed to recover a tax credit which is not due, the seventh day after the day on which HMRC issues a written instruction directing the payment of the tax credit

  2.  

    •     in all other cases the latest date on which the return for the accounting period to

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