Section 233 — Inheritance Tax Act 1984: Interest on unpaid tax.

Interest on unpaid tax. 233 1 If—

a an amount of tax charged on the value transferred by a chargeable transfer not within paragraph (aa) below and made after 5th April and before 1st October in any year and otherwise than on death remains unpaid after the end of the period ending with April in the next year, or aa an amount of tax charged under Chapter 3 of Part 3 of this Act on the value transferred by a chargeable transfer remains unpaid after the end of the period of six months beginning with the end of the month in which the chargeable transfer was made, or b an amount of tax charged on the value transferred by a chargeable transfer not within paragraph (a) or (aa) above remains unpaid after the end of the period of six months beginning with the end of the month in which the chargeable transfer was made, or c an amount of tax chargeable under section 32, 32A , 79(3A) or 126 above or under Schedule 5 to this Act . . . remains unpaid after the end of the period of six months beginning with the end of the month in which the event occasioning the charge occurs, then, subject to subsection (1A) below it shall carry interest from the end of that period at the rate applicable under section 178 of the Finance Act 1989. 1A If, under section 30 above, the Board agree to accept property in satisfaction of any tax on terms that the value to be attributed to the property for the purposes of that acceptance is determined as at a date earlier than that on which the property is actually accepted, the terms may provide that the amount of tax which is satisfied by the acceptance of the property shall not carry interest under this section from that date. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Interest payable under this section shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .