Corporation Tax Act 2010 section 357YW

Power to amend

Section 357YW grants the Treasury a power to amend the restitution interest provisions by regulation, subject to important safeguards and parliamentary approval.

• The Treasury may amend the restitution interest rules by regulation, but cannot use this power to widen the types of payments chargeable to corporation tax, remove or prejudice any right of appeal, or increase the tax rate on restitution interest.
• Regulations may have retrospective effect, but cannot apply to any claim that was finally determined before 21 October 2015.
• A claim is treated as finally determined either when a court has made a final determination or when the claimant and HMRC have reached an agreed final settlement.
• Any regulations made must be laid before the House of Commons and will lapse after 28 days unless approved by a resolution of the House during that period.