COM122042 - Repayments/reallocations: non automatic reallocations: legislation: surrender COTAX repayment to COTAX
The table below gives a brief explanation of what the legislation relevant to this subject contains.
Section | Explanation |
87A Taxes Management Act (TMA) 1970 | Imposes late payment interest on late payments of tax made by companies. |
455 Corporation Tax Act (CTA) 2010 (formerly 419 Income and Corporation Taxes Act (ICTA) 1988) | Assessments made in respect of loans or advances to participators, or associates of participators. |
963 CTA 2010 (formerly S102 Finance Act (FA) 1989) | Surrender of company tax refund within the group. |
963 CTA 2010 extended by Regulation 9 of the CT (Instalment Payments Regulations 1998 (SI 1998 No. 3175) as amended by Reg 3 of the CT (Instalment Payments) (Amendment) Regulations 1999 | Surrender of company tax refund within a group when one or the other company is a quarterly instalment payer. |
964(2) CTA 2010 | Company receiving the surrendered repayment is treated as having paid that tax and any interest associated with it on the date that it was paid by the surrendering company. |
S964(3) CTA 2010 | When determining the amount of tax liability upon which to base a tax-related penalty a refund surrendered under S963 is treated as paid on the day on which the notice under S963 was given. |