Budget 2018: the chancellor announced changes to 'Interest provisions for late payment, repayment and penalties', to ensure that they apply as intended across various taxes.
From Royal Assent of Finance Bill 2018-19 the clarifications will have retrospective effect to when the relevant interest first applied.
- The changes will regularise historical arrangements for charging interest in relation to payments and repayments of the following:
- Corporation Tax
- Diverted Profit Tax
- Inheritance Tax
- Stamp Duty
- SDLT
- The changes will also apply to interest on PAYE penalties.
Useful links:
External link
HMRC: Changes to interest provisions for late payment, repayment and penalties