Taxes Management Act 1970 section 92

Remission in certain cases of interest on tax in arrear by reason of exchange restrictions

Section 92 deals with the remission of interest on overdue tax where the taxpayer is unable to remit income or gains from overseas due to foreign government restrictions.

• Applies where tax is owed on income or chargeable gains arising outside the UK and the foreign government prevents remittance to the UK
• HMRC may allow the tax to remain uncollected and stop interest running from the date they had sufficient information to reach that decision
• If HMRC received that information within three months of the tax becoming due, any interest that accrued before that date is also cancelled
• If HMRC later demands payment, interest restarts from the demand date, but is cancelled on any amount paid within three months of the demand