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.
|87A TMA 1970||Imposes late payment interest on late payments of tax made by companies.|
|455 CTA 2010 (formerly 419 ICTA 1988)||Assessments made in respect of loans or advances to participators, or associates of participators.|
|963 CTA 2010 (formerly S102 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.|