SCHEDULES
SCHEDULE 19Company tax returns, etc.: minor and consequential amendments
Income and Corporation Taxes Act 1988 (c. 1)
44
1
Section 246Q of the Taxes Act 1988 (repayment or set-off of ACT in respect of foreign income dividend) is amended as follows.
2
In subsection (6) for the words from the beginning to “section 11 of the Management Act” substitute “A company tax return made by the company for the relevant period”.
3
In subsection (7) for “a return under section 11 of the Management Act” substitute “a company tax return”.
45
1
Section 246U of the Taxes Act 1988 (repayments treated as repayments of ACT in case of international headquarters company) is amended as follows.
2
In subsection (7), for paragraph (a) substitute—
a
a company tax return made by the company for the accounting period, or
3
In subsection (8) for “a return under section 11 of the Management Act” substitute “a company tax return”.
46
For section 412 of the Taxes Act 1988 (group relief: claims and adjustments) substitute—
412Claims and adjustments.
1
Claims for group relief are dealt with in Part VIII of Schedule 18 to the Finance Act 1998.
2
Paragraph 76 of that Schedule provides for assessments or other adjustments where group relief has been given which is or has become excessive.
47
1
Section 419 of the Taxes Act 1988 (tax on loans to participators, etc. by close company) is amended as follows.
2
In subsection (3), after “due and payable” insert “in accordance with section 59D of the Management Act”.
3
In subsection (4) omit “by discharge or repayment”.
4
After subsection (4A) insert—
4B
Schedule 1A to the Taxes Management Act 1970 (claims and elections not included in return) applies to a claim for relief under subsection (4) above unless—
a
the claim is included (by amendment or otherwise) in the return for the period in which the loan or advance was made, and
b
the relief may be given at the time the claim is made.
48
1
Section 488 of the Taxes Act 1988 (co-operative housing associations) is amended as follows.
2
In subsection (11A)—
a
in paragraph (a) for the words from the beginning to “amendment of a return” substitute “into a company tax return”, and
b
in the closing words, for “self-assessment” substitute “return”.
3
For subsection (12) substitute—
12
A housing association making a claim under this section may be required—
a
under paragraph 3 of Schedule 18 to the Finance Act 1998, if the claim is included in a company tax return, and
b
under paragraph 2(5) of Schedule 1A to the Taxes Management Act 1970 if it is not so included,
to deliver as part of the return or claim an authority, granted by all members of the association, for any relevant information contained in any return made by a member under the provisions of the Income Tax Acts to be used by an officer of the Board in such manner as he may think fit in connection with any enquiry relating to the association’s claim.
49
In section 489 of the Taxes Act 1988 (self-build societies), in subsection (9A)—
a
in paragraph (a) for the words from the beginning to “amendment of a return” substitute “into a company tax return”, and
b
in the closing words, for “self-assessment” substitute “return”.
50
1
Schedule 13A to the Taxes Act 1988 (surrenders of advance corporation tax) is amended as follows.
2
In paragraph 5(1) for “a return under section 11 of the Management Act” substitute “a company tax return”.
3
For paragraph 5(2) substitute—
2
The provisions of Part VII of Schedule 18 to the Finance Act 1998 (general provisions as to claims and elections) do not apply to the making of claims.
4
In paragraph 14(1) omit the words from “(which correspond” to “Management Act)”.
5
In paragraph 14(6) for “an amendment of a self-assessment under section 28A(4) of that Act” substitute “an amendment of a company tax return under paragraph 34(2) of Schedule 18 to the Finance Act 1998”.
6
In paragraph 14(8) omit the words from “against an amendment” to the end.
51
1
Schedule 19AB to the Taxes Act 1988 (pension business: payments on account of tax credits and deducted tax) is amended as follows.
2
In paragraph 1(4), for “section 11 return” substitute “company tax return”.
3
For paragraph 1(6) substitute—
6
Paragraphs 57 to 60 of Schedule 18 to the Finance Act 1998 (general provisions as to procedure on claims and elections) do not apply to a claim for a provisional repayment.
4
In paragraph 1(7) for “section 7 of this Act” substitute “paragraph 9(2) of Schedule 18 to the Finance Act 1998”.
5
For paragraph 1(10) and (11) substitute—
10
In this paragraph—
“latest company tax return”, in the case of an accounting period of a company (“the current accounting period”), means, subject to sub-paragraph (11) below, the company tax return for the latest preceding accounting period of the company for which such a return has been delivered before the making of the first claim for a provisional repayment for the current accounting period; and
“self-assessment” means an assessment included in a company tax return, and includes a reference to such an assessment as amended.
11
In any case where—
a
there is a company tax return which would, apart from this sub-paragraph, be the latest such return in the case of an accounting period of a company,
b
the self-assessment required to be included in that return has been amended, and
c
that amendment was made before the making of the first claim for a provisional repayment for the accounting period mentioned in paragraph (a) above,
the return which is to be regarded as the latest company tax return in the case of that accounting period shall be that return as it stands amended immediately after the making of that amendment of the self-assessment (or, if the self-assessment has been so amended more than once, that return as it stands amended immediately after the making of the last such amendment) but ignoring amendments which do not give rise to any change in the fraction which, on the basis of the return as it has effect from time to time, would be the relevant fraction for the purposes of section 432A(5) for the accounting period to which the return relates.
6
In paragraph 2(1)(c), for “section 11 return” substitute “company tax return”.
7
In paragraph 3(1) for “section 30 of the Management Act” substitute “paragraph 52 of Schedule 18 to the Finance Act 1998”.
8
In paragraph 3(1A) for “section 7 of this Act” substitute “paragraph 9(2) of Schedule 18 to the Finance Act 1998”.
9
For paragraph 3(1D) substitute—
1D
Paragraph 53 of Schedule 18 to the Finance Act 1998 (time limit for recovery of excessive repayments etc.) does not apply to an assessment under paragraph 52 of that Schedule made by virtue of this paragraph.
But such an assessment is not out of time under paragraph 46 of that Schedule (general six year time limit for assessments) if it is made not later than the end of the accounting period following that in which the self-assessment mentioned in sub-paragraph (1)(a) above becomes final.
10
In paragraph 3(3) for “section 30 of that Act” substitute “paragraph 52 of Schedule 18 to the Finance Act 1998”.
11
In paragraph 3(7) for “section 30 of the Management Act” substitute “paragraph 52 of Schedule 18 to the Finance Act 1998”.
12
In paragraph 3(9) for “a return under section 11 of the Management Act by virtue of section 11AA of that Act” substitute “company tax return”.
13
In paragraph 6(4)(b) for “return under that section” substitute “company tax return”.