As part of the Government’s response to the COVID-19 pandemic, no interest will be charged when a person chooses to defer their income tax payment on account due on 31 July 2020 to 31 January 2021.
A new harmonised regime for interest on overdue tax was introduced by FA 2009, s. 101–105 and Sch. 53. The start date for the new regime for income tax, self assessment, is 31 October 2011. After that date, the provisions of TMA 1970, s. 86 do not have effect in relation to any self-assessment amount which becomes payable on or after 31 October 2011. The provisions of the old s. 86 regime are, however, broadly repeated in the provisions governing the new regime.