SCHEDULES
C2SCHEDULE 18 Company tax returns, assessments and related matters
C3Part VIII Claims for group relief
Sch. 18 Pt. VIII (except paras. 70(4), 71(4)) applied (with modifications) (23.11.1999) by S.I. 1999/2975, reg. 10(3)
Sch. 18 Pt. VIII (except para. 77) applied (28.7.2000) by 2000 c. 17, s. 82, Sch. 22 Pt. IX para. 81(3)
F2Assessment on other claimant companies
Sch. 18 para. 75A and crossheading inserted (27.7.1999 with effect in relation to accounting periods ending on or after 1.7.1999) by 1999 c. 16, s. 92(3)(7)
F1C175A
1
This paragraph applies where, after the surrendering company has given notice of consent to surrender, a claimant company (“the chargeable company”) has become liable to tax in consequence of receiving—
a
notice of the withdrawal of consent, or a copy of a new notice of consent, under paragraph 75(3), or
b
a copy of a notice containing directions by the Inland Revenue under paragraph 75(4).
2
If any of the tax is unpaid six months after the chargeable company’s time limit for claims, the Inland Revenue may make an assessment to tax in the name of the chargeable company on any other company that has obtained group relief as a result of the surrender.
3
The assessment may not be made more than two years after that time limit.
4
The amount of the assessment must not exceed—
a
the amount of the unpaid tax, or
b
if less, the amount of tax which the other company saves by virtue of the surrender.
5
A company assessed to an amount of tax under sub-paragraph (2) is entitled to recover from the chargeable company—
a
a sum equal to that amount, and
b
any interest on that amount which it has paid under section 87A of the M1Taxes Management Act 1970 (interest on unpaid corporation tax).
6
For the purposes of this paragraph the chargeable company’s time limit for claims is the last of the dates mentioned in paragraph 74(1) on which the chargeable company could make or withdraw a claim for group relief for the accounting period for which the claim in question is made.
Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)