| S 6(2) |
Exclusion of certain companies from income tax |
| S7(2) |
Unless wholly exempt from CT a company is not entitled to a repayment of Income Tax until the liability for the AP is finally determined |
| S7(6) |
A claim to repayment of Income Tax must be included in a company tax return |
| S10(1) |
Lays down the time limits for payment of tax |
| S10(2) |
Authority for liability on a return to be recovered as if it were charged by an assessment (CT Pay and File APs only) |
| S10(3) |
Allows repayment of tax for a CT Pay and File AP in the period between the payment due date and the filing date |
| S10(4) |
If an Inspector does not wish to accept a claim (under S10(3)) he must take it to the Commissioners for determination |
| S10(5) |
A claim may be made in conjunction with an appeal against an assessment. The claim can only apply to tax paid before the assessment was made |
| S11(3) |
Allows relief for Income Tax paid by non-resident companies against chargeable CT |
| S12 |
Requires CT to be assessed for APs, and sets out the events that cause an AP to begin or end |
| S12(8) |
When the dates of an AP are uncertain the Inspector can\n- Make an assessment for a period not exceeding 12 months\n> > And\n- It shall be treated for all purposes as an AP of the company |
| S13 |
Contains the rules for charging CT at the small companies’ rate |
| S13A |
Close investment holding companies |
| S231(2) |
Allows repayment of a tax credit on a distribution received to be repaid to a company wholly or partially exempt for CT |
| S239(3) |
Claim to carry back surplus ACT, and treat it as ACT paid in respect of an AP beginning in the previous six years |
| S240 |
Set-off a company’s surplus ACT against the liability of a subsidiary |
| S242 |
Allows the set-off of losses and other excess reliefs against surplus franked investment income |
| S 247(4) |
Election to make payments of interest between companies in the same group without deducting income tax |
| S252(1)(b) |
Assessment recovering tax where a set-off or payment of tax credit should not have been made |
| S342 |
Deals with assessments on companies after winding up proceedings have begun |
| S 342(5) (as modified by Para 12 Sch 24 FA 96) |
Allows a liquidator to self assess the profits of a company in liquidation, before the end of an AP, when the expected date of completion of the winding up falls on or after 1 July 1999 |
| S393(7) |
Specifies the method of calculating a loss |
| S393A |
Allows a company to carry back a trade loss, for losses arising in APs ending in the period from 01/04/1991 to 01/07/1997\n- That cannot be utilised against profits arising in the AP in which the loss is incurred\n- For up to three years preceding the loss period |
| S403(3) |
Allows the surrender of excess capital allowances that must be set against a specified class of income, to a company within the same group, as group relief |
| S403(4) |
Allows the surrender of excess management expenses to a company within the same group, as group relief |
| S403(7) |
Allows the surrender of excess charges within the same group, as group relief |
| S455 CTA 2010 (formerly S419 ICTA 1988) |
Liability on close company loans and advances to participators |
| S455(3) CTA 2010 (formerly S419(3) ICTA 1988) |
Determines the due date for tax due under Section 455 CTA 2010 (formerly S419 ICTA 1988) |
| S458(2)/(3) CTA 2010 (formerly S419(4) ICTA 1988) |
Relief in terms of tax against an assessment made under S455 CTA 2010 (formerly S419 ICTA 1988) when the loan or advance to the participator has been repaid (or repaid in part) |
| S458(5) CTA 2010 (formerly S419(4A) ICTA 1988) |
Applies a restriction to when relief may be given in respect of repayment, release or write off, of a loan to a participator charged under S455 CTA 2010 |
| S559(4) |
Directs the amount of tax to be deducted from payments made to a company in the construction industry without a certificate under S561 |
| S561 |
Allows the issue of a certificate exempting a company in the construction industry from deductions of tax from its trading receipts |
| S747 |
The legislation relating to chargeable profits and creditable tax in respect of Controlled Foreign Companies |
| S825 |
Allows the payment of repayment supplement |
| S826 |
Allows the payment of repayment interest |
| S826(5) |
Repayment Interest is not brought into account as income for tax purposes |
| S826(7) |
Rules for determining the amount of repayment interest payable when\n- Repayment of CT is created by the carry-back of surplus ACT |
| S826(7A) |
Rules for determining the amount of repayment interest allowable when\n- A trade loss is carried back to an AP not falling wholly within the previous 12 months |
| S826(7AA) |
Rules for determining the amount of repayment interest payable when\n- A repayment of CT is created by surplus ACT displaced by a loss carry-back\n> > And\n- The ACT is itself carried back to an earlier AP |
| S826(7B) |
Rules for determining the amount of repayment interest allowable when\n- A trade loss is set off against Franked Investment Income of an earlier AP |
| S826(7C) |
Rules for determining the amount of repayment interest allowable when a non-trading deficit is carried back to an earlier AP |
| S826 (7CA) |
Rules for determining the amount of repayment interest payable when\n- A repayment of CT is created by surplus ACT displaced by a non-trading deficit carry-back\n> > And\n- The ACT is itself carried back to an earlier AP |
| (This content has been withheld because of exemptions in the Freedom of Information Act 2000) |
(This content has been withheld because of exemptions in the Freedom of Information Act 2000) |
| Sch 13 |
Lays down the rules for collection of ACT |
| Sch 16 |
Lays down the rules for collection of IT on company payments which are not distributions |
| Sch 17A |
Conditions for making a claim to group relief |
| Sch 19AB |
Entitles companies in the pensions business to receive provisional repayment of IT (and while it lasted, payment of tax credit) during the AP |