Commentary

V18.172 Interest payable by HMRC

Part V18 Insurance Premium Tax

V18.172 Interest payable by HMRC

V18.172 Interest payable by HMRC

HMRC is liable to pay interest to an insurer or taxable intermediary if1:

  1.  

    (1)     it has accounted for an amount of tax which is not due and which they are liable to satisfy or have satisfied

  2.  

    (2)     it has failed to claim a credit to which it is entitled, or

  3.  

    (3)     it has suffered delay in receiving an amount due in connection with insurance premium tax

HMRC is liable to pay interest at the rate applicable under the FA 1996, s 1972.

The period for which interest is due is:

  1.  

    (1)     in the case of 1 above,

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