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'Late' Late-paid Interest Rules

Alex Cole of Latham & Watkins explains the changes to the late-paid interest rules as a result of the Finance Bill and its effect on tax
Following Royal Assent last week the Finance Bill has now come to life as the Finance Act 2009. A scan of the amendments made to the Bill's provisions during its progress through Parliament indicates that certain areas received significant attention and were subject to numerous drafting changes whilst others were passed substantially untouched.
As might have been expected the Westminster committees have focused their attention on the most obviously newsworthy items including the new debt cap rules the changes to the taxation of foreign dividends and the increase in the top rate of income tax. Some of the less 'sensational' changes...

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