This section applies to any amount that is payable by a person to HMRC under or by virtue of an enactment.
But this section does not apply to—
An amount to which this section applies carries interest at the late payment interest rate from the late payment interest start date until the date of payment.
The late payment interest start date in respect of any amount is the date on which that amount becomes due and payable.
In Schedule 53—
Subsection (3) applies even if the late payment interest start date is a non-business day within the meaning of section 92 of the Bills of Exchange Act 1882.
Late payment interest is to be paid without any deduction of income tax.
Late payment interest is not payable on late payment interest.
For the purposes of this section any reference to the payment of an amount to HMRC includes a reference to its being set off against an amount payable by HMRC (and, accordingly, the reference to the date on which an amount is paid includes a reference to the date from which the set-off takes effect).
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