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Information required

»Ê¹ÚÌåÓýappre are three dates which must be identified before a calculation for the repayment interest due on a repayment, or a payment of tax credit can be made:

• the date on which the original payment was made by the UK payer of the income (to determine the accounting period to which it relates, because repayment interest is calculated from the day following the end of the accounting period in which the payment was received),
• the end date of the company’s accounting period during which it received the income (repayment interest runs from the day following the accounting period end), and
• the date of issue of the repayment of the income tax (or payment of tax credit).

Companies usually prepare their accounts for a 12 month period but occasionally the accounts will be for a shorter or longer period.

»Ê¹ÚÌåÓýappre are examples

• for a 12 month accounting period at INTM333560 (the same basis of calculation applies for an accounting period of less than 12 months)
• for a period longer than 12 months at INTM333570.