Interest is charged on a daily basis when tax, etc. and Class 4 National Insurance contributions are paid late, and is credited on a daily basis when tax, etc. is overpaid. The different methods of paying tax, and when payment will be deemed to have been made using them, are set out below.

Payment by cheque

Where tax is paid by cheque to the Commissioners for HMRC or an officer of HMRC and the cheque is honoured on its first presentation, the payment is treated as received on the date of the receipt of the cheque (TMA 1970, s. 70A). This applies to cheques in respect of payments of income tax, corporation tax and capital gains tax, and to cheques paid in respect of:

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