Section 357YD — Corporation Tax Act 2010: Further provision about amounts included, or not included, in “restitution interest”

Further provision about amounts included, or not included, in “restitution interest” 357YD 1 Interest paid to a company is not restitution interest for the purposes of this Part if—

a Condition B was not met in relation to the interest until after the interest was paid, and b the amount paid was limited to simple interest at a rate equivalent to or lower than a statutory rate 2 Subsection (1) does not prevent so much of a relevant amount of interest determined to be due, agreed upon or otherwise paid as represents or is calculated by reference to simple interest at a rate equivalent to or lower than a statutory rate from falling within the definition of “restitution interest”.

3 In subsection (2) “ relevant amount of interest ” means an amount of interest the whole of which was paid before Condition B was met in relation to it.

4 Section 357YC(7) applies in relation to this section as in relation to section 357YC.