COM95012 - Payments: quarterly instalment payments: legislation
The table below gives a brief explanation of what the legislation relevant to this subject contains.
| Section | Explanation |
|---|---|
| Corporation Tax (Instalment Payments) Regulations 1998 (SI 1998 No 3175) | Governs quarterly instalment payments (QIPs) and sets out the requirement for large and very large companies to pay in instalments. |
| The Corporation Tax (Instalment Payments) (Amendment) Regulations 1999 (SI 1999/1929) | Governs quarterly instalment payments (QIPs) and sets out the requirement for large and very large companies to pay in instalments. |
| The Corporation Tax (Instalment Payments) (Amendment) Regulations 2000 (SI 2000 no 892) | Governs quarterly instalment payments (QIPs) and sets out the requirement for large and very large companies to pay in instalments. |
| Regulation 6 | Deals with repayments before liability is finally established and allows a company which has made instalment payments to apply for repayment of the excess paid within specified parameters. |
| Regulation 9 | Deals with intra-group surrender of excessive instalment payments. |
| Regulation 10 | Information power provision to seek information in connection with the computation of QIPs, failure to make QIPs and / or a claim to repayment under Regulation 6. |
| Regulation 11 | Information power provision requiring the company to produce books and documents and other records, relating to matters and for the purposes of Regulation 10. |
| Regulation 12 | Inspection of records provision requiring that where records required under Regulation 11 are kept on computer the company is to provide the necessary facilities to view the documents. |
| Regulation 13 | Sets out the circumstances under which a company may be liable to a penalty for unpaid tax. |
| Regulation 14 | Anti-avoidance provision. Applied where an amount or amounts of CT for any part of an AP beginning after 1 July 1998 and ending before 1 July 2002 became payable later than it would otherwise have done. |
| S963 CTA 2010 (formerly S102 FA 89) | Intra group surrenders. Enables a member of a group which is entitled to a repayment of CT, IT or tax credit to surrender all or part of it to another member of the group. |
| S178 FA89 | Prescribes the rates of both late and repayment interest. |
| S826 ICTA 1988 as amended by Regulation 8 of the CT (Instalment Payments) Regulations 1998 (SI 1998 No 3175) | Credit interest provisions. |
| S87A TMA 1970 as amended by Regulation 7 of the CT (Instalment Payments) Regulations 1998 ( I 1998 No 3175) | Debit interest provisions. |