COM81013 - Interest: interest work lists: legislation
The table below gives a brief explanation of what the legislation relevant to this subject contains.
Section | Explanation |
---|---|
87A TMA 1970 | The legislation charging late payment interest on mainstream CT. |
87A(4) TMA 1970 | Provides that a carry-back of surplus ACT is not effective for late payment interest purposes until the normal due date (Word 49KB) for the AP in which the surplus arises. |
87A(4A) TMA 1970 | Provides that a carry-back of a non-trading deficit on loan relationships is not effective for late payment interest purposes until the normal due date for the AP in which the deficit arises. |
87A(4B) TMA 1970 | When ACT that becomes surplus as a result of the carry-back of a non-trading deficit is itself carried-back, interest runs to the normal due date of the AP from which the non-trading deficit was carried back. |
87A(6) TMA 1970 | Provides that a carry-back of a trading loss is not effective for interest purposes until the normal due date for the AP in which the loss is incurred, unless the carry-back is for not more than twelve months. |
87A(7) TMA 1970 | ACT that becomes surplus as the result of loss relief being carried back may be carried back to a still earlier AP. Interest on the displaced ACT runs to the normal due date of the AP from which the loss was carried back. |
239(3) ICTA 1988 | Claim to carry back surplus ACT, and treat it as ACT paid in respect of an AP beginning in the previous six years. |
393A ICTA 1988 | Allows a company to carry back a trade loss, for losses arising in APs ending in the period from 01/04/1991 to 01/07/1997 that cannot be utilised against profits arising in the AP in which the loss is incurred, for up to three years preceding the loss period. |
455 CTA 2010 (formerly 419 ICTA 1988) | Tax on a loan or advance made by a close company to a participator (for example a Company Director). |
455(3) CTA 2010 (formerly 419(3) ICTA 1988) | Determines the due date for tax due under Section 455 CTA 2010. |
458 CTA 2010 (formerly 419(4) ICTA 1988) | Relief in terms of tax against an assessment made under S455 CTA 2010 when the loan or advance to the participator has been repaid (or repaid in part). |
83(2) FA 1996 | Allows a company to carry back a non trading deficit arising in APs ending in the period from 01/04/1996 to 01/07/1997 that cannot be utilised against profits arising in the AP in which the non trade deficit is incurred, for up to three years preceding the non trade deficit period. |
39 F(No2)A 1997 | Amends S393A ICTA 1988, so that losses arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year. |
40 F(No2)A 1997 | Amends 83(2) FA 1996, so that non trading deficits arising in APs ending on or after 02/07/1997, may only be carried back for a period of one year. |