SCHEDULES

SCHEDULE 46Duties of senior accounting officers of qualifying companies

Meaning of “appropriate tax accounting arrangements”

14

1

“Appropriate tax accounting arrangements” means accounting arrangements that enable the company's relevant liabilities to be calculated accurately in all material respects.

2

“Accounting arrangements” includes arrangements for keeping accounting records.

3

“Relevant liabilities”, in relation to a company, means liabilities in respect of—

a

corporation tax (including any amount assessable or chargeable as if it were corporation tax),

b

value added tax,

c

amounts for which the company is accountable under PAYE regulations,

d

insurance premium tax,

e

stamp duty land tax,

f

stamp duty reserve tax,

g

petroleum revenue tax,

h

customs duties, and

i

excise duties.