Taxes Consolidation Act 1997 section 696F

Collection and general provisions

Section 696F applies the standard corporation tax collection, assessment and interest rules to profit resource rent tax.

• The corporation tax rules on assessments, collection and recovery apply equally to profit resource rent tax charged under section 696C.
• Any profit resource rent tax that remains unpaid after its due date carries daily interest at a rate of 0.0273 per cent per day or part of a day.
• Interest runs from the date the tax becomes due and payable until the date of actual payment.
• The interest provisions of section 1080 apply to this interest, meaning it is due, payable and collectible as if it were tax itself.