COM313 - Index Of Legislation: Income and Corporation Taxes Act 1988

Section 6(2) (S62(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 Accounting Period (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 Compliance Caseworker can:

  • make an assessment for a period not exceeding 12 months
  • 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

S342(5) (as modified by Paragraph 12 (Para12) Schedule 24 (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:

  • that cannot be utilised against profits arising in the AP in which the loss is incurred
  • 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 Corporation Tax Act (CTA) 2010 (formerly S419 Income and Corporation Taxes Act (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:

  • repayment of CT is created by the carry-back of surplus ACT

S826(7A)

Rules for determining the amount of repayment interest allowable when:

  • 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:

  • a repayment of CT is created by surplus ACT displaced by a loss carry-back
  • the ACT is itself carried back to an earlier AP

S826(7B)

Rules for determining the amount of repayment interest allowable when

  • 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:

  • a repayment of CT is created by surplus ACT displaced by a non-trading deficit carry-back
  • 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