Corporation Tax Act 2010 section 357YQ

Assessment of tax chargeable on restitution interest

Section 357YQ sets out how HMRC may assess and collect corporation tax on restitution interest, including the assessment process, what the assessment may cover, and the payment deadline.

• An HMRC officer may assess the corporation tax a company owes on restitution interest for a specified period, based on the officer's judgement.
• The company must be formally notified of the assessment, including the date of issue, and the notice may also include determinations about payment due dates and amounts treated as already paid on account.
• The assessment may cover the restitution income arising in the period and any other matters relevant to calculating the corporation tax charge.
• The company must pay the assessed amount within 30 days of receiving the notice of assessment.