COM80050 - Interest: how interest is calculated: negative credit interest
Where credit interest originally calculated and posted requires amendment downwards, negative credit interest is posted on to the record. This can happen in the following situations.
- Credit interest has been repaid for a CTSA AP and that AP is then superseded. The payments on which the credit interest was calculated on the superseded AP are reallocated to the new AP. Credit interest is therefore no longer due and is cancelled.
- The 바카라 사이트˜quarterly instalment payment바카라 사이트™ (QIP) signal is changed from 바카라 사이트˜N바카라 사이트™ to 바카라 사이트˜L바카라 사이트™ or 바카라 사이트˜VL바카라 사이트™Â on the AP. Credit interest was originally calculated as though the AP was a non-QP case and all the tax was due by the normal . When the 바카라 사이트˜QIP바카라 사이트™ signal is amended to 바카라 사이트˜Y바카라 사이트™, credit and debit interest is calculated from the quarterly instalment due dates.
- Payments on which credit interest was calculated are subsequently reallocated and credit interest is no longer payable on these payments.
- The AP is adjusted and the tax charge is increased.
Negative credit interest is shown as a 바카라 사이트˜minus바카라 사이트™ credit interest posting in function VPPD (View Payment and Posting details). Where the original credit interest was either reallocated or repaid then the creation of negative credit interest may leave the AP with a collectible balance in the amount that was reallocated or repaid. This amount does not attract late payment interest.
See: