Other statutory exemptions

There are a number of other statutory exemptions for interest in Chapter 9 of Part 6 of ITTOIA05. The main ones are as follows.

Repayment supplement

A repayment supplement is added when HMRC makes a repayment of income tax, surcharge on late paid tax, or penalty to an individual or other non-corporate. Under ITTOIA05/S749, this is not treated as income for any purposes. There are corresponding provisions for supplement on repayments of capital gains tax, stamp duty or inheritance tax.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.