COM122093 - Repayments/reallocations: non automatic reallocations: legislation: reallocations in Government Banking & Payments
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. |
458 Corporation Tax Act (CTA) 2010 | Relief in terms of tax against a liability under S455 CTA 2010 or S419 ICTA 1988, when the loan or advance to the participator has been repaid (or repaid in part) on or after 01 April 2010. |
419(4) Income and Corporation Taxes Act (ICTA) 1988 | Relief in terms of tax against a liability under S419 ICTA 1988, when the loan or advance to the participator has been repaid (or repaid in part) before 01 April 2010. |
826 ICTA 1988 | Allows the payment of repayment interest. |
S963 CTA 2010 (formerly 102 FA 1989) | Surrender of company tax refund within the group. |
S963 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. |