Taxes Management Act 1970 section 85

Application of Part VIII to corporation tax

Section 85 previously extended the interest and penalty provisions of Part VIII of the Taxes Management Act 1970 to corporation tax, but has been repealed.

• Section 85 originally applied the interest on overdue tax and repayment supplement rules in Part VIII of the Taxes Management Act 1970 to corporation tax liabilities.
• The section was repealed by the Finance Act 1995, Schedule 29, Part 8(16), as part of a wider reform of corporation tax administration.
• Following repeal, the rules on interest on overdue corporation tax and interest on overpaid corporation tax are now found within the Corporation Tax Acts themselves, rather than in the Taxes Management Act 1970.
• Accountants dealing with corporation tax interest calculations should refer to the relevant Corporation Tax Act provisions rather than Part VIII of the Taxes Management Act 1970.