COM82010 - Interest: interest objections and amendments: why an interest charge may be incorrect
A late payment interest charge may be incorrect for one or more of the following reasons.
Where the clerical interest indicator (CII) is set to ‘N’:
- the EDP of one or more payment type credits is incorrect
- a payment type posting has been incorrectly allocated.
Where the Clerical Interest Indicator is set to ‘Y’:
- the EDP of one or more payment type credits is incorrect
- a payment type posting has been incorrectly allocated
- the underlying tax has been reduced
- carry-back of DTR (double taxation relief) or losses is involved
- relief has been granted under S458 CTA 2010.
A debit interest charge may be incorrect for one or more of the following reasons.
Where the credit / debit interest indicator (CDII) is set to ‘N’:
- the EDP of one or more payment type credits is incorrect
- a payment type posting has been incorrectly allocated
- a payment type posting has been transferred to OAS
- the quarterly instalment payment (QIP) signal has incorrectly been set to ‘Y’.
Where the credit / debit interest indicator (CDII) is set to ‘Y’:
- the EDP of one or more payment type credits is incorrect
- a payment type posting has been incorrectly allocated
- the underlying tax has been decreased
- not all payments have been included in the calculation
- the quarterly instalment payment (QIP) signal has incorrectly been set to ‘Y’.