Section 54 Penalties, interest and VAT surcharges
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(1) In calculating the profits of a trade, no deduction is allowed for any penalty or interest mentioned in the first column of the following table.
(2) This is the table—
| Penalty or interest |
Description of tax, levy or duty |
| Interest under any provision of Part 9 of TMA 1970 |
Income tax, capital gains tax and corporation tax |
| Interest required to be paid by regulations made under section 71 of FA 2004 (construction industry) | |
| Penalty under any of sections 60 to 70 of VATA 1994 | Value added tax |
| Interest under section 74 [or 85A]1 of VATA 1994 | |
| Penalty under any of sections 8 to 11 of FA 1994 | Excise duties |
| Penalty under any of paragraphs 12 to 19 of Schedule 7 to FA 1994 | Insurance premium tax |
| [Interest under section 60(8) of FA 1994 or paragraph 21 of Schedule 7 to FA 1994]2 | |
| Penalty under any provision of Part 5 of Schedule 5 to FA 1996 | Landfill tax |
| [Interest under section 56(5) of, or paragraph 26 or 27 of Schedule 5 to, FA 1996]3 | |
| Penalty under any provision of Schedule 6 to FA 2000 | Climate change levy |
| Interest under any of paragraphs 70, 81 to 85[, 109 and 123(6)]4 of that Schedule | |
| Penalty under any provision of Part 2 of FA 2001 | Aggregates levy |
| Interest under [section 42(6) of, or]5 any of paragraphs 5 to 9 of Schedule 5 to, paragraph 6 of Schedule 8 to and paragraph 5 of Schedule 10 [to, FA 2001]6 | |
| Penalty under section 25 or 26 of FA 2003 | Customs, export and import duties |
| Penalty under any provision of Part 4 of FA 2003 | Stamp duty land tax |
| Interest under any provision of that Part | |
| [Penalty under Schedule 24 to FA 2007]7 |
[Various taxes and excise duties]7 |
Amendments
1 Inserted by S.I. 2009/56 article 3(1) and Schedule 1 para 438(2) from 1 April 2009.
2 Entry relating to "Interest under section 60(8) of FA 1994 or paragraph 21 of Schedule 7 to FA 1994" substituted by S.I. 2009/56 article 3(1) and Schedule 1 para 438(3) from 1 April 2009.
3 Entry relating to "Interest under section 56(5) of, or paragraph 26 or 27 of Schedule 5 to, FA 1996" substituted by S.I. 2009/56 article 3(1) and Schedule 1 para 438(4) from 1 April 2009.
4 Substituted for the words “and 109” by S.I. 2009/56 article 3(1) and Schedule 1 para 438(5) from 1 April 2009.
5 Inserted by S.I. 2009/56 article 3(1) and Schedule 1 para 438(6)(a) from 1 April 2009.
6 Substituted for the words “to FA 2001” by S.I. 2009/56 article 3(1) and Schedule 1 para 439(6)(b) from 1 April 2009.
7 Entry relating to "Penalty under Schedule 24 to FA 2007" inserted by S.I. 2009/567 article 8 and Schedule 1 para 28 from 1 April 2009.
(3) In calculating the profits of a trade, no deduction is allowed for any surcharge under section 59 of VATA 1994.
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