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Section 34: Charge to tax on interest payable under the Tax Acts.

Finance Act 1998 · 1998 c. 36View on legislation.gov.uk

Part III: Income Tax, Corporation Tax and Capital Gains Tax — Chapter I: Income Tax and Corporation Tax

Section 826 of the Taxes Act 1988 (interest on tax overpaid) shall be amended as follows.

In subsection (5) (interest on overpaid tax to be paid without deduction of income tax and not to be brought into account in computing profits or income)—

after "Interest paid under this section" there shall be inserted ; and" (a) "
after "and" there shall be inserted ." (b) "

At the beginning of the paragraph (b) formed by subsection (2)(b) above (interest not to be brought into account in computing profits or income) there shall be inserted "subject to subsection (5A) below,".

After subsection (5) there shall be inserted—

The amendments made by subsections (3) and (4) above have effect in relation to interest payable by virtue of any paragraph of section 826(1) of the Taxes Act 1988 if the accounting period mentioned in that paragraph is one which ends on or after the day appointed under section 199 of the Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.