Repayment Interest




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Repayment Interest

If tax has been paid for an AP ending after 30 September 1993 and there is an overpayment of tax which is to be repaid or reallocated, the overpayment potentially attracts repayment interest under Section 826 ICTA 1988.

Repayment interest runs from the material date (see below), to either the date when the repayment is issued or the EDP allocated to a reallocation.

When calculating repayment interest COTAX selects individual ‘payment type’ postings up to the value of the overpayment strictly in EDP order, starting with the most recent.



Notes:

  1. From 25/02/02 (February 02 COTAX software release), if credit interest and / or repayment interest is present on an AP, these postings will be the last to be used in a reallocation.

  2. There is no repayment interest due when repaying tax charged by assessments under Schedules 13 or 16 ICTA 1988.

Material Dates

For CT Pay and File APs the material date is the later of


  • The due date, which is the date in

  • Table A below (No carry-backs)

  • Table B below (Carry-backs)

Or




Table A

CT

IT

SC60

S2442

S419

FID

No carry-backs

Due Date

Due Date

Due Date

Due Date

Note 1


See Table B below

Due Date

Note 2


Notes:

  1. Claims under S242 ICTA 1988 were abolished for APs beginning on or after 02/07/97.

  2. The material date is the CT due date for the AP but there is no entitlement to repayment before the material date has been reached.




Table B




CT, IT, S242 tax credits or CIS25 tax overpaid because of a carry-back of trade losses to a period not wholly within preceding 12 months

Due Date of AP in which losses arise

S826(7A) ICTA 1988



CT, IT, S242 tax credits or CIS25 tax overpaid because of a carry-back of trade losses to a period wholly within preceding 12 months

Due Date of AP for which the tax was overpaid

S826(2) ICTA 1988



CT, IT, S242 credits or CIS25 tax overpaid because of carry-back of non-trading deficit on loan relationships

Due Date of AP in which deficit arise

S826(7C) ICTA 1988



CT, IT, S242 tax credits or CIS25 tax overpaid because of a carry-back of surplus ACT

Due Date of AP of surplus ACT

S826(7A) ICTA 1988



CT, IT, S242 tax credits or CIS25 tax overpaid because of the set off of surplus ACT released by the carry-back of trade losses to a period not wholly within immediately preceding 12 months

Due Date of AP in which the losses arise

S826(7AA) ICTA 1988



CT, IT or CIS25 tax overpaid because of the set off of surplus ACT released by the carry-back of non-trading deficit on loan relationships

Due Date of AP in which deficit arises

S826(7CA) ICTA 1988



S419(4) for loans made in APs ending after 30/09/93 but before 31/03/96

The date the loan, or part, was repaid

S826(4) ICTA 1988



S419(4) for loans made in APs ending on or after 31/03/96 and not starting on or before 01/07/99

Due Date is later of

  • The Due Date for the AP in which the loan was made, (if the loan or part is repaid before 9 months after the end of that AP)

Or

  • The Due Date for the AP in which the loan, or part, was repaid, (if the loan was repaid more than 9 months after the end of the AP in which it was made

S826(4) ICTA 1988



For CTSA APs the material date is the later of


  • The due date, which is the date in

  • Table A below (No carry-backs)

  • Table B below (Carry-backs)

Or

  • The date the tax being repaid was paid




Table A

CT

CIS25

SC60

IT & FII

FID

ACT

S419

R & D

LR

TC

No carry-backs

Due Date

Due Date

Day after end of AP

Due Date

Note 1


See Table B below

Note 2


Key:

FII

Franked Investment Income

FID

ACT


Foreign Income Deduction

Advance Corporation Tax – abolished after 06/04/99



R & D

Research & Development

LR

Land Remediation

TC

Tax Credit


Notes:

  1. There is no entitlement to repayment before the material date has been reached.

  2. For Research & Development, Land Remediation and Tax Credits, the due date is the later of the

  • Statutory filing date of the return or amended return for the AP for which credit is claimed

Or

  • Date on which the return or amended return containing the claim is delivered




Table B




CT, IT or CIS25 tax overpaid because of a carry-back of trade losses to a period wholly within preceding 12 months

Due Date of AP for which the tax was overpaid

S826(2) ICTA 1988



CT, IT or CIS25 tax overpaid because of a carry-back of trade losses to a period not wholly within preceding 12 months

Due Date of AP in which losses arise

S826(7A) ICTA 1988



CT, IT or CIS25 tax overpaid because of a carry-back of non-trading deficit on loan relationships

Due Date of AP in which deficit arise

S826(7C) ICTA 1988



CT or CIS25 tax overpaid because of a carry-back of DTR to an earlier period

Due Date for the AP in which the DTR arose

S826(7BB) ICTA 1988



CT, IT, S242 tax credits or SC60 tax overpaid because of a carry-back of surplus ACT

Due Date of AP of surplus ACT

S826(7) ICTA 1988



CT, IT or CIS25 tax overpaid because of the set off of surplus ACT released by the carry-back of trade losses to a period not wholly within immediately preceding 12 months

Due Date of AP in which the losses arise

S826(7AA) ICTA 1988



CT, IT or CIS25 tax overpaid because of the set off of surplus ACT released by the carry-back of non-trading deficit on loan relationships

Due Date of AP in which deficit arises

S826(7CA) ICTA 1988



S419(4) for loans made in APs ending on or after 01/07/99

Due Date is

  • The Due Date for the AP in which the loan was made

Or

  • For a loan, or part, repaid more than 9 months after the end of the AP in which it was made

  • The Due Date for the AP in which the loan, or part, was repaid

S826(4) ICTA 1988

CT, IT or CIS25 tax overpaid because of the carry-back of surplus ACT

Due Date of AP in which surplus ACT arises

S826(7) ICTA 1988




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