COM320 - Index Of Legislation: Taxes Management Act (TMA) 1970
| Legislation | Description |
|---|---|
S11 | The CT filing obligation for periods ended before 30 June 1999. CT Pay and File amendments took effect for notices issued after 31 December 1993 |
S11(1) | The requirement for a company to deliver a CT Pay and File return to the officer who served the notice to file |
S11(2) | Stipulates the period for which a CT Pay and File return must be made in response to a notice |
S11(4(a)(b) and (c) | Sets the final day for delivery of a CT Pay and File return |
S29(1)(a) | Power to make an assessment |
S29(1)(b) | Power to make a further assessment when an assessment to tax is or has become insufficient |
S30(4) | Power to recover an amount of tax and / or interest repaid to the company These assessments are only made for Accounting Periods (APs) ending on or before 30 June 1999 |
S31 | Appeal against an assessment for CT Pay and File APs |
S34(1) | Applies a six year time limit for making an assessment |
S36(3) | Allows an out of date claim to relief when an assessment has been made to recover tax lost due to the fraud or negligence of a company |
S41A | Authority to determine trade losses or other surrenderable amounts |
S41A(6) | Applies the provisions of Section 31 TMA 1970 to loss determinations |
S41A(8) | The authority to make a NIL loss determination |
S41B | Authority to reduce the amount of a determination already made |
S41B(3) | Applies the provisions of Section 31 TMA 1970 to loss directions |
S41C | Time limits for making determinations and directions |
S42 | Procedure for making claims |
S42(3) | Appeal against an Inspectors decision on a claim for a CT Pay and File AP |
S42(5A) | Allows for a claim to repayment of Income Tax to be made in an amended company tax return |
S42(9) | Commissioners’ power to determine appeal against an Inspector’s decision on a claim for a CT Pay and File AP only |
S 43 | Time limit for making claims |
S43A | Authority to accept any relevant claim, election or application against a non-culpable discovery assessment |
S49 | Application to make a late appeal |
S50 | Commissioners’ power to determine appeals against assessments and amendments to assessments |
S50(6) to (8) | Commissioners powers to deal with appeals against assessments, claims and elections |
S51 | Gives the Commissioners the power to call for information and documents they require to settle an appeal from a company |
S54 | Settlement of appeal by enquiry - claim withdrawn |
S55 | Provisions for recovery of tax not subject to a postponement application |
S55(3) | Application to postpone collection of tax made in conjunction with an appeal against an assessment |
S55(4) | Application to vary the amount of tax postponed |
S59D(1) | The normal due and payable date for a CTSA AP is 9 months and 1 day after the end of the AP |
S59DA(1) | After the material date for the AP, a company may claim repayment of CT it believes it has overpaid. The claim must be made either before a self assessment is recorded or a discovery assessment has become final |
S59DA(4) | If a caseworker does not wish to accept a claim he must take it to the Tribunal for determination |
S59DA(6) | A claim may be made in conjunction with an appeal against a charge raised by HMRC. The claim can only apply to tax paid before the charge was raised |
S60(1) | When the tax becomes due and payable Debt Management shall make an application for payment of sums in charge to collect |
S65 (As amended by paragraph 30(2) Sch 19 FA 1998) | Authority to start enforcement in the Magistrate's Court for outstanding CT |
S86 | Governs the charging of interest on overdue Income Tax and Capital Gains Tax |
S87 | Governs the charging of interest on overdue ACT and IT-CP |
S87A | Provides for interest to be charged from the normal due date to the date of payment |
S87A(4) | Interest on ACT carried back runs to the normal due date of the AP from which it was carried back |
S87A(4A) | Interest, when a non-trading deficit is carried-back to an earlier AP, runs to the normal due date of the AP from which it was carried back |
S87A(4B) | When ACT that becomes surplus as a result of the carry-back of a non-trading deficit is itself carried-back, interest runs to the normal due date of the AP from which the non-trading loss was carried back |
S87A(6) | Interest, when trading losses are carried back, runs to the normal due date of the AP in which the loss is incurred unless it is carried back no more than twelve months |
S87A(7) | ACT that becomes surplus as the result of loss relief being carried back may be carried back to a still earlier AP Interest on the displaced ACT runs to the normal due date of the AP from which the loss was carried back |
S88 | Governs the charging of interest on tax recovered to make good a loss to HMRC |
S94 | Imposes penalties for late or non submission of a CT Pay and File return |
S94(1) | Imposes fixed penalties for late delivery of a CT Pay and File return |
S94(3) | Extends the filing date for a CT Pay and File return period to that allowed under the Companies Act 1985 |
S94(4) | Applies the provisions in S94(3) TMA 1970 to companies registered under the Companies (Northern Ireland) Order 1986 |
S94(5) | Imposes increased fixed penalties for companies delivering a CT Pay and File return late for the third consecutive AP |
S94(6) | Imposes tax geared penalties for CT Pay and File returns delivered more than 18 months after the company’s return period |
S94(7) | Defines the tax unpaid figure to be used when calculating tax geared penalties for a CT Pay and File return period |
S94(8) | Restricts / sets the time limit for relief in respect of surplus ACT carried back from later APs, for the purpose of tax geared penalties relating to CT Pay and File return periods |
S96 | Imposes penalties for the submission of an incorrect return or accounts, for CT Pay and File APs |
S97 | Treats an error in a return as negligent unless it is corrected without unreasonable delay |
S97A | Restricts the maximum penalty imposed when a company has incurred multiple tax geared penalties, for the same AP |
S100 | With a couple of exceptions an authorised Officer of the Board, may, subject to the content of S100(2), make a penalty determination under any provision of the Taxes Acts |
S100(5) | Authority to make a further penalty determination when the original is discovered to be insufficient |
S100(6) | An authorised Officer of the Board may revise a tax geared penalty determination if it has become excessive |
S100B | Tribunals' power to determine penalty appeals |
S100B(2) | Specific Tribunals' powers to settle appeals against penalty determinations |
S102 | The Board’s authority to mitigate, stay proceedings in respect of, or remit, any penalty |
S103(1)(a) and (b) | A tax geared penalty can be determined or proceedings commenced at the later of six years after the date on which the penalty was incurred or three years after the final determination of the amount of tax on which a tax geared penalty is based |
S103(4) | A fixed penalty can be determined or proceedings for the penalty commenced at any time within 6 years after the date on which the penalty was incurred |
S113(1A) | Allows substitution of one Inspector for another |
S118(2) | Allows a ‘reasonable excuse’ for a company not doing anything required to be done |
Sch 1A | Claims, and so on, not included in returns |
Sch 1A Para 6 | Appeal against a caseworker’s amendment of a claim or decision on a claim, following an enquiry into it for a CTSA AP |
Sch 1A Para 9 | Following an enquiry for a CTSA AP, the Tribunals' power to determine appeals against a caseworker’s amendment of a claim or decision on a claim that is not a claim to relief by discharge, or repayment of tax |