EM4035 - Interest: Companies - Accounting Periods Ending before 01/07/99

TMA70/S87A

TMA70/S87

CTPF APs: ending 01/10/93 to 30/06/99

Essentially the same interest provisions apply as for CTSA periods (S87A TMA 70) – see EM4030.

Note: One exception relates to liabilities on Close Company loans and advances to participators (S419 ICTA 88) for APs ending between 01/10/93 and 30/03/96, where the tax became due 14 days (rather than 9 months and one day) after the end of the AP in which the loan was made.

APs ending before 01/10/93

This pre-CTPF era became known as “CTA”.

It predates S87A. Interest was charged under TMA70/S88 and the pre-ITSA version of S86.

Should help be needed with such an AP approach Contact Link.

Schedule 16 ICTA 1988

S87 interest accrues on tax that is unpaid for any reason from the date the tax becomes due, that is 14 days after the end of the return period.