Finance Act 1990

Part IIU.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter IU.K. General

Income tax rates and allowancesU.K.

F117 Rates and main allowances.U.K.

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F218 Relief for blind persons.U.K.

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Corporation tax ratesU.K.

19 Charge and rate of corporation tax for 1990.U.K.

Corporation tax shall be charged for the financial year 1990 at the rate of 35 per cent.

F320 Small companies.U.K.

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Benefits in kindU.K.

F421 Care for children.U.K.

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22 Car benefits.U.K.

(1)In Schedule 6 to the Taxes Act 1988 (taxation of directors and others in respect of cars) for Part I (tables of flat rate cash equivalents) there shall be substituted—

“Part IU.K. Tables of Flat Rate Cash Equivalents

Mileage allowancesU.K.

F523. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

CharitiesU.K.

F624. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

25 Donations to charity by individuals.U.K.

F7(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(3A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5D). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5E). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5F). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5G). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5H). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5I). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(5J). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(9A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(10A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(13). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1326 Company donations to charity.U.K.

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27 Maximum qualifying company donations.U.K.

F14(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SavingsU.K.

28 Tax-exempt special savings accounts.U.K.

F17(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F18F17(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1929 Extension of SAYE.U.K.

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30 Building societies.U.K.

Schedule 5 to this Act (which contains provisions relating to building societies, deposit-takers and investors) shall have effect.

Employee share ownership trustsU.K.

F2031. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2132. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2233. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2334. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2435. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2536. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2637. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2738. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2839. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F2940. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Insurance companies and friendly societiesU.K.

F3041 Apportionment of income etc.U.K.

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F3142 Overseas life assurance business.U.K.

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F3243 Deduction for policy holders’ tax.U.K.

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F3344 Reinsurance commissions.U.K.

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45 Policy holders’ share of profits etc.U.K.

F34(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F34(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F34(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F34(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F35(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F36(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F34(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F37(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F38(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4046. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F4147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F4248 Transfers of long term business.U.K.

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49 Friendly societies: increased tax exemption.U.K.

F43(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In paragraph 3(8)(b)(ii) of Schedule 15 to that Act (amount of premiums to be disregarded in determining whether a policy meets conditions for it to be a qualifying policy), after the word “premiums” there shall be inserted the words “ or, where those premiums are payable otherwise than annually, an amount equal to 10 per cent. of those premiums if that is greater ”.

F4450 Friendly societies: application of enactments.U.K.

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Unit and investment trusts etc.U.K.

F4551. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

52 Unit trusts: repeals.U.K.

(1)The Taxes Act 1988 shall have effect subject to the following provisions of this section.

(2)In section 468 (authorised unit trusts) subsection (5) shall not apply as regards a distribution period beginning after 31st December 1990.

(3)Where a particular distribution period is by virtue of subsection (2) above the last distribution period as regards which section 468(5) applies in the case of a trust, the trustees’ liability to income tax in respect of any source of income chargeable under Case III of Schedule D shall be assessed as if they had ceased to possess the source of income on the last day of that distribution period.

(4)But where section 67 of the Taxes Act 1988 applies by virtue of subsection (3) above, it shall apply with the omission from subsection (1)(b) of the words from “and shall” to “this provision”.

(5)Section 468B (certified unit trusts: corporation tax) shall not apply as regards an accounting period ending after 31st December 1990.

(6)Section 468C (certified unit trusts: distributions) shall not apply as regards a distribution period ending after 31st December 1990.

(7)Section 468D (funds of funds: distributions) shall not apply as regards a distribution period ending after 31st December 1990.

(8)In this section “distribution period” has the same meaning as in section 468 of the Taxes Act 1988.

F4653 Unit trust managers: exemption from bond-washing provisions.U.K.

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F4754. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F4855 Investment trusts.U.K.

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SecuritiesU.K.

F4956. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

[F5057 Deep gain securities.U.K.

(1)In Schedule 11 to the M1Finance Act 1989 (deep gain securities) paragraph 1 (meaning of deep gain security) shall be amended as follows.

(2)The following sub-paragraph shall be inserted after sub-paragraph (3)—

“(3A)In the case of a security issued on or after 9th June 1989, for the purposes of sub-paragraph (2) above “redemption” does not include any redemption which may be made before maturity only if—

(a)the person who issued the security fails to comply with the duties imposed on him by the terms of issue,

(b)the person who issued the security becomes unable to pay his debts, or

(c)the security was issued by a company and a person gains control of the company in pursuance of the acceptance of an offer made by that person to acquire shares in the company.”

(3)The amendment made by this section shall be deemed always to have had effect.]

F5158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F5259. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Oil industryU.K.

F5360. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F5461. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

62 CT treatment of PRT repayment.U.K.

F55(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F55(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F56F57(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5863. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F5964. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

InternationalU.K.

F6065. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F6166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

67 Dual resident companies: controlled foreign companies.U.K.

F62(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F62(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In Schedule 25 to that Act—

(a)paragraphs 2(1)(c) and 4(1)(c) shall be omitted,

F63(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F63(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Subsections (1) and (2) above shall apply on and after 20th March 1990 and subsection (3) above shall apply to dividends paid on or after that date.

68 Movements of capital between residents of member States.U.K.

F64(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F64(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)M2In section 98 of the Taxes Management Act 1970 (penalties for failure to furnish information and for false information)—

(a)in subsection (1), after the words “Subject to” there shall be inserted the words “ the provisions of this section and ”;

F65(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F65(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F65(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)This section shall apply to transactions carried out on or after 1st July 1990.

69 European Economic Interest Groupings.U.K.

Schedule 11 to this Act (which makes provision about the taxation of income and gains in the case of European Economic Interest Groupings) shall have effect.

F6670. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

MiscellaneousU.K.

71 Relief for interest.U.K.

For the year 1990-91 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.

F6772. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F6873. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F6974. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F7075. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F7176 Training and enterprise councils and local enterprise companies.U.K.

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F7277 Expenses of entertainers.U.K.

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F7378 Waste disposal.U.K.

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F7479 Priority share allocations for employees etc.U.K.

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80 Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.U.K.

Schedule 12 to this Act shall have effect.

81 Futures and options: exemptions.U.K.

(1)F75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)The following section shall be inserted at the end of Part XIV of the Taxes Act 1988 (pension schemes etc.)—

“659A Futures and options.

(1)For the purposes of sections 592(2), 608(2)(a), 613(4), 614(3) and (4), 620(6) and 643(2)—

(a)“investments” (or “investment”)

includes futures contracts and options contracts, and

(b)income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts,

and paragraph 7(3)(a) of Schedule 22 to this Act shall be construed accordingly.

(2)For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.”

F76(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Section 659 of the Taxes Act 1988 (financial futures and traded options) shall cease to have effect.

(5)Subsections (1) and (2) above apply in relation to income derived after the day on which this Act is passed.

F76(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)Insofar as section 659 of the Taxes Act 1988 relates to provisions of that Act, subsection (4) above applies in relation to income derived after the day on which this Act is passed.

(8)Insofar as section 659 of the Taxes Act 1988 relates to section 149B of the M3Capital Gains Tax Act 1979, subsection (4) above applies in relation to disposals made after the day on which this Act is passed.

F7782. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F7883. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F7984. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F8085. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F8186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F8287. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

88 Capital allowances: miscellaneous amendments.U.K.

Schedule 13 to this Act shall have effect.

89 Correction of errors in Taxes Act 1988.U.K.

Schedule 14 to this Act shall have effect.

Chapter IIU.K. Management

Returns and informationU.K.

90 Income tax returns.U.K.

(1)The following sections shall be substituted for sections 8 and 9 of the M4Taxes Management Act 1970 (return of income)—

“8 Personal return.

(1)For the purposes of assessing a person to income tax, he may be required by a notice given to him by an inspector—

(a)to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and

(b)to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice.

(2)Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.

(3)A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.

(4)Notices under this section may require different information, accounts and statements in relation to different descriptions of person.

8A Trustee’s return.

(1)For the purpose of assessing a trustee of a settlement, and the settlors and beneficiaries, to income tax an inspector may by a notice given to the trustee require the trustee—

(a)to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and

(b)to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice;

and a notice may be given to any one trustee or separate notices may be given to each trustee or to such trustees as the inspector thinks fit.

(2)Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.

(3)A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.

(4)Notices under this section may require different information, accounts and statements in relation to different descriptions of settlement.

9 Partnership return.

(1)Where a trade or profession is carried on by two or more persons jointly, for the purposes of making an assessment to income tax in the partnership name an inspector may act under subsection (2) or (3) below (or both).

(2)An inspector may by a notice given to the partners require such person as is identified in accordance with rules given with the notice—

(a)to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and

(b)to deliver with the return such accounts and statements as may be required in pursuance of the notice.

(3)An inspector may by a notice given to any partner require the partner—

(a)to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and

(b)to deliver with the return such accounts and statements as may be required in pursuance of the notice;

and a notice may be given to any one partner or separate notices may be given to each partner or to such partners as the inspector thinks fit.

(4)Every return under this section shall include—

(a)a declaration of the names and residences of the partners;

(b)a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.

(5)A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.

(6)Notices under this section may require different information, accounts and statements in relation to different descriptions of partnership.”

(2)In section 12 of that Act (information about chargeable gains)—

(a)in subsection (1) for the words “Section 8” there shall be substituted the words “ Sections 8 and 8A ” and for the words “it applies” there shall be substituted the words “ they apply ”;

F83(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)in subsection (4) the words “of income of a partnership” shall be omitted.

(3)In section 93 of that Act (penalties) in subsection (1) for the words “9 of this Act (or either” there shall be substituted the words “ 8A or 9 of this Act (or any ”.

(4)In section 95 of that Act (penalties) in subsection (1)(a) for the words “9 of this Act (or either” there shall be substituted the words “ 8A or 9 of this Act (or any ”.

(5)This section applies where a notice to deliver a return was, or falls to be, given after 5th April 1990.

F8491. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

92 Information powers relating to interest.U.K.

(1)Section 17 of the M5Taxes Management Act 1970 (interest paid or credited by banks etc. without deduction of income tax) shall be amended as mentioned in subsections (2) and (3) below.

(2)In subsection (1)—

(a)after the words “without deduction of income tax” there shall be inserted the words “ or after deduction of income tax ”;

(b)after the words “the amount of the interest” there shall be inserted the words “ actually paid or credited and (where the interest was paid or credited after deduction of income tax) the amount of the interest from which the tax was deducted and the amount of the tax deducted ”;

(c)paragraph (a) of the proviso shall be omitted.

(3)The following subsections shall be inserted after subsection (4)—

“(5)The Board may by regulations provide as mentioned in all or any of the following paragraphs—

(a)that a return under subsection (1) above shall contain such further information as is prescribed if the notice requiring the return specifies the information and requires it to be contained in the return;

(b)that a person required to make and deliver a return under subsection (1) above shall furnish with the return such further information as is prescribed if the notice requiring the return specifies the information and requires it to be so furnished;

(c)that if a person is required to furnish information under any provision made under paragraph (b) above, and the notice requiring the return specifies the form in which the information is to be furnished, the person shall furnish the information in that form;

(d)that a notice under subsection (1) above shall not require prescribed information;

and in this subsection “prescribed” means prescribed by the regulations.

(6)Regulations under subsection (5) above—

(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,

(b)may make different provision in relation to different cases or descriptions of case, and

(c)may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.”

(4)Section 18 of that Act (interest paid without deduction of income tax) shall be amended as mentioned in subsections (5) and (6) below.

(5)In subsection (1)—

(a)after the words “without deduction of income tax” there shall be inserted the words “ or after deduction of income tax ”;

(b)in paragraph (b) for the words “so paid or received” there shall be substituted the words “ actually paid or received and (where the interest has been paid or received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted ”;

(c)for the words “its amount” there shall be substituted the words “ the amount actually received and (where the interest has been received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted ”.

(6)The following subsections shall be inserted after subsection (3A)—

“(3B)The Board may by regulations provide as mentioned in all or any of the following paragraphs—

(a)that a person required to furnish information under subsection (1) above shall furnish at the same time such further information as is prescribed if the notice concerned specifies the information and requires it to be so furnished;

(b)that if a person is required to furnish information under subsection (1) above or under any provision made under paragraph (a) above, and the notice concerned specifies the form in which the information is to be furnished, the person shall furnish the information in that form;

(c)that a notice under subsection (1) above shall not require prescribed information;

and in this subsection “prescribed” means prescribed by the regulations.

(3C)Regulations under subsection (3B) above—

(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,

(b)may make different provision in relation to different cases or descriptions of case, and

(c)may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.”

(7)Subsections (1) to (3) above shall have effect as regards a case where interest is paid or credited in the year 1991-92 or a subsequent year of assessment.

(8)Subsections (4) to (6) above shall have effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment.

93 Restrictions on Board’s power to call for information.U.K.

(1)In section 20 of the M6Taxes Management Act 1970 (powers to call for information), after subsection (7) there shall be inserted—

“(7A)A notice under subsection (2) above is not to be given unless the Board have reasonable grounds for believing—

(a)that the person to whom it relates may have failed or may fail to comply with any provision of the Taxes Acts; and

(b)that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax.”

(2)This section shall apply with respect to notices given on or after the day on which this Act is passed.

F8594. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Corporation tax determinationsU.K.

F8695. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F8796. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Claims by companiesU.K.

F8897. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

98 Repayment of income tax deducted at source.U.K.

(1)The Taxes Act 1988 shall be amended as follows.

(2)In section 7(2) (set off against corporation tax of income tax deducted from payments received by resident companies) the words from “and accordingly” to the end shall be omitted.

F89(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In section 11(3) (set off against corporation tax of income tax deducted from payments received by non-resident companies) the words from “and accordingly” to the end shall be omitted.

(5)This section applies in relation to income tax falling to be set off against corporation tax for accounting periods ending after the day appointed for the purposes of section 10 of the Taxes Act 1988 (pay and file).

F9099 Loss relief.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F91100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F92101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F93102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

F94103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

MiscellaneousU.K.

104 Officers.U.K.

(1)In section 1 of the M7Taxes Management Act 1970 (appointment of inspectors etc.) the following subsections shall be inserted after subsection (2)—

“(2A)The Board may appoint a person to be an inspector or collector for general purposes or for such specific purposes as the Board think fit.

(2B)Where in accordance with the Board’s administrative practices a person is authorised to act as an inspector or collector for specific purposes, he shall be deemed to have been appointed to be an inspector or collector for those purposes.”

(2)In section 55 of that Act (recovery of tax not postponed)—

(a)in subsection (7) for the words “the inspector” there shall be substituted the words “ an inspector ”;

F95(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)The amendment made by subsection (1) above shall be deemed always to have had effect.

(4)The amendments made by subsection (2) above shall apply where notice of appeal is given on or after the day on which this Act is passed.

105 Recovery of excessive repayments of tax.U.K.

(1)In section 30 of the M8Taxes Management Act 1970 (recovery of excessive repayments of tax) the following subsection shall be inserted after subsection (1)—

“(1A)Subsection (1)

above shall not apply where the amount of tax which has been repaid is assessable under section 29 of this Act.”

(2)This section applies in relation to amounts of tax repaid on or after the day on which this Act is passed.

106 Corporation tax: collection.U.K.

In section 10 of the Taxes Act 1988 (time for payment of tax) the following subsection shall be substituted for subsection (2)—

“(2)Where by virtue of subsection (1)(a) above corporation tax for an accounting period of a company is due without the making of an assessment, the amount for the time being shown in a return by the company under section 11 of the Management Act (corporation tax return) as the corporation tax for the period shall be treated for the purposes of Part VI of the Management Act (collection and recovery) as tax charged and due and payable under an assessment on the company.”