Disaster relief legislation enacted

Legislation giving Inland Revenue greater flexibility in dealing with business taxpayers who were badly affected by last month's floods has been enacted, having received Royal assent today. A bill introduced under urgency and passed by Parliament last night allows Inland Revenue to remit use-of-money interest on tax payments that are late because of the floods, to accept verbal applications for remittance of both penalties and interest, and to accept late estimates of provisional tax. The introductory copy of the Taxation (Disaster Relief) Bill is available [no longer available], courtesy of Legislation Direct.