Section 869 Penalties, interest and VAT surcharges: non-trades etc.
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(1) This section applies for the purpose of calculating profits or other income charged to income tax.
(2) For this purpose “profits or other income” does not include the profits of—
(a) a trade, profession, or vocation, or
(b) a property business,
but see subsection (6).
(3) No deduction is allowed for any penalty or interest mentioned in the first column of the following table.
(4) 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 to 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 442(2) from 1 April 2009.
2 "Interest under section 60(8) of FA 1994 or paragraph 21 to Schedule 7 to FA 1994" substituted by S.I. 2009/56 article 3(1) and Schedule 1 para 442(3) from 1 April 2009.
3 "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 442(4) from 1 April 2009.
4 Substituted for the words “and 109” by S.I. 2009/56 article 3(1) and Schedule 1 para 442(5) from 1 April 2009.
5 Inserted by S.I. 2009/56 article 3(1) and Schedule 1 para 442(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 442(6)(b) from 1 April 2009.
7 Entry relating to "Penalty under Schedule 24 to FA 2007" inserted by S.I. 2009/571 article 8 and Schedule 1 para 29 from 1 April 2009.
(5) No deduction is allowed for any surcharge under section 59 of VATA 1994.
(6) Provision corresponding to that made by this section is made by—
(a) section 54 (in relation to trades, professions and vocations), and
(b) section 272 (in relation to property businesses).
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