You must check whether, and from which date, the FA 2009 interest rules apply to the tax or duty you are dealing with. See CH140160 for full details.

The following table provides an explanation of the terms used in the interest guidance.

Term You must check whether, and from which date, the FA 2009 interest rules apply to the tax or duty you are dealing with. See CH140160 for full details.
The following table provides an explanation of the terms used in the interest guidance.
Balancing payment A payment of income tax that is required when the final tax liability for the tax year is more than the total of the payments on account, and tax deducted at source, that was made for that year.
Compound interest Interest that is calculated on the amount outstanding, including any interest that has already been charged.
Due and payable The date when an amount becomes ‘due and payable’ is the date by which an amount must be paid (FA09/S104(2)).
Late payment interest Interest payable to HMRC under section 101 FA 2009.
Income tax deducted at source Is a reference to

(1)income tax deducted (or treated as deducted) from any income, or treated as paid on any income, in respect of that year, and

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