Income and Corporation Taxes Act 1988

700 Adjustments and information. U.K.

M1 (1) Where on the completion of the administration of an estate any amount is deemed by virtue of this Part to have been paid to any [F1 company] as income for any [F2 accounting period] and—

(a) that amount is greater than the amount that has previously been deemed to have been paid to [F3 it] as income for [F4 that accounting period] by virtue of this Part; or

(b) no amount has previously been so deemed to have been paid to [F3 it] as income for [F4 that accounting period];

an assessment may be made upon [F3 it] for [F4 that accounting period] and [F5 corporation tax] charged accordingly or, on a claim being made for the purpose, any relief or additional relief to which [F6 it] may be entitled shall be allowed accordingly.

(2) Where on the completion of the administration of an estate any amount is deemed by virtue of this Part to have been paid to any [F7 company] as income for any [F8 accounting period], and that amount is less than the amount that has previously been so deemed to have been paid to [F9 it], then—

(a) if an assessment has already been made upon [F9 it] for [F10 that accounting period], such adjustments shall be made in that assessment as may be necessary for the purpose of giving effect to the provisions of this Part which take effect on the completion of the administration, and any [F11 corporation tax] overpaid shall be repaid; and

(b) if—

(i) any relief has been allowed to [F9 it] by reference to the amount which has been previously deemed by virtue of this Part to have been paid to [F9 it] as income for [F10 that accounting period], and

(ii) the amount of that relief exceeds the amount of relief which could have been given by reference to the amount which, on the completion of the administration, is deemed to have been paid to [F9 it] as income for [F10 that accounting period],

the relief so given in excess may, if not otherwise made good, be charged under Case VI of Schedule D and recovered from that [F7 company] accordingly.

(3) Notwithstanding anything in the Tax Acts, the time within which an assessment may be made for the purposes of this Part, or an assessment may be adjusted for those purposes, or a claim for relief may be made by virtue of this Part, shall not expire before the end of the [F12 period of three years beginning with the 31st January next] following the [F13 accounting period] in which the administration of the estate in question was completed.

(4) An inspector may by notice require any person being or having been a personal representative of a deceased person, or having or having had an absolute or limited interest in the residue of the estate of a deceased person or in a part of such residue, to furnish him within such time as he may direct (not being less than 28 days) with such particulars as he thinks necessary for the purposes of this Part [F14 or Chapter 6 of Part 5 of ITTOIA 2005].

[F15 (5) It shall be the duty of a personal representative of a deceased person, if a request to do so is made in writing by a person who has, or has had, an absolute or limited interest in the residue of the estate of the deceased or by a person to whom any of the income of the residue of that estate has been paid in the exercise of any discretion, to furnish the person making the request with a statement in writing setting out—

(a) in respect of every amount which has been, or is treated as having been, actually paid to that person in respect of that interest or in the exercise of that discretion, the amount (if any) deemed under this Part to have been paid to him as income for [F16 an accounting period]; F17 . . .

[F18 (aa) the amount treated as estate income under Chapter 6 of Part 5 of ITTOIA 2005 in respect of that interest or the exercise of that discretion for which he is liable to income tax for a year of assessment, and]

(b) the amount of any tax at the applicable rate which any amount falling within paragraph (a) [F19 or (aa)] above is deemed to have borne;

and, where an amount deemed to have been paid as income to any person for [F20 any accounting period under this Part or treated as estate income under that Chapter] is deemed for any of the purposes of this Part [F21 or that Chapter] to have borne tax on different parts of it at different applicable rates, the matters to be set out in pursuance of [F22 paragraphs (a) to (b)] above shall be set out separately as respects each part of that amount.

(6) The duty imposed by subsection (5) above shall be enforceable at the suit or instance of the person making the request.]

Textual Amendments

F1 Word in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(a) (with Sch. 2)

F2 Words in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(b) (with Sch. 2)

F3 Words in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(c) (with Sch. 2)

F4 Words in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(d) (with Sch. 2)

F5 Words in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(e) (with Sch. 2)

F6 Word in s. 700(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(2)(f) (with Sch. 2)

F7 Words in s. 700(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(3)(a) (with Sch. 2)

F8 Words in s. 700(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(3)(b) (with Sch. 2)

F9 Words in s. 700(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(3)(c) (with Sch. 2)

F10 Words in s. 700(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(3)(d) (with Sch. 2)

F11 Words in s. 700(2)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(3)(e) (with Sch. 2)

F12 Words in s. 700(3) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 20

F13 Words in s. 700(3) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(4) (with Sch. 2)

F14 Words in s. 700(4) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(5) (with Sch. 2)

F15 S. 700(5)(6) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 18 para. 6

F16 Words in s. 700(5)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(a) (with Sch. 2)

F17 Word at the end of s. 700(5)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(b), Sch. 3 (with Sch. 2)

F18 S. 700(5)(aa) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(c) (with Sch. 2)

F19 Words in s. 700(5)(b) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(d) (with Sch. 2)

F20 Words in s. 700(5) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(e) (with Sch. 2)

F21 Words in s. 700(5) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(f) (with Sch. 2)

F22 Words in s. 700(5) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 291(6)(g) (with Sch. 2)

Marginal Citations

M1 Source-1970 s.431; 1971 Sch.6 57