Taxes Consolidation Act 1997 section 1083

Application of sections 1080 to 1082 for capital gains tax purposes

Section 1083 applies the interest on overdue tax rules (sections 1080 to 1082) to capital gains tax.

• The interest rules for overdue income tax and corporation tax also apply, with any necessary modifications, to capital gains tax.
• Overdue capital gains tax carries daily interest at 0.0219% per day or part of a day from the due date until payment.
• Where a capital gains tax liability is reduced by discharge or repayment, any interest already paid must be recalculated and any overpayment of interest refunded.
• Where capital gains tax has been underpaid due to fraud or neglect, interest runs at 2% per month or part of a month from the original due date.