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Where there is interest relief on instalments and there is an increase in tax, you cannot simply charge interest from the first due date on the amount now due. This is because the due date for all the tax is not the same. For this reason you must break the additional tax charge down into the instalments that are due so far.

Example

• 1st instalment of 拢1,000 due 30 September 2010
• 2nd instalment of 拢1,000 due 30 September 2011
• 3rd instalment of 拢1,000 due 30 September 2012

(calculated and paid on time)

The tax charge increases from 拢10,000 to 拢12,000. You calculate the 拢600 uplift in tax now due on 12 November 2012. You should charge interest on:

• the additional tax due on the 1st instalment (拢200) from 1 October 2010 to 30 September 2011
• the additional tax due on the 1st and 2nd instalments (拢400) from 1 October 2011 to 30 September 2012
• the additional tax due on the 1st, 2nd and 3rd instalments (拢600) from 1 October 2012 to 12 November 2012.