Date: 24 September 2024 – 16 October 2024
The government is consulting on a measure from the 2023–24 Mid‑Year Economic and Fiscal Outlook to deny deductions for general interest charge and shortfall interest charge incurred from 1 July 2025.
Currently all entities can claim a deduction for the:
- General interest charge (GIC) – for late payment of a tax liability
- Shortfall interest charge (SIC) – when incorrect self‑assessment led to a shortfall in tax paid.
The government is seeking views on the effectiveness of the exposure draft legislation (and accompanying explanatory material) implementing this measure.
Further information is available at the Treasury website.
Recent Comments